04 November 2013 23:11 [Source: ICIS news]
HOUSTON (ICIS)--The US Department of Agriculture (USDA) Weekly Crop Progress report on Monday showed that 73% of corn and 86% of soybeans have been harvested.
In terms of corn, the harvest levels have risen 14 percentage points since last week. Although behind 2012, when 95% had been completed, the harvest numbers have surpassed the five-year average of 71%.
With dwindling acres left to be harvested, the USDA has stopped reporting on maturity levels or crop conditions for both corn and soybeans.
Soybean harvest levels climbed by nine points to 86%, just slightly behind the 92% seen during 2012 but climbing a bit ahead of the five-year average of 85%.
In terms of the commodities and the progress in the fields, analysts feel that the report data will be viewed by traders as bearish for corn and soybeans going forward this week.
Trading of the commodities opened up the week once again on downward trend, as December corn declined by 1 cent to close at $4.26 per bushel, while November soybeans fell also to end the day down 2 cents, closing at $12.64 per bushel.
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