Dry weather in the U.S. Midwest last week helped farmers to bring the corn and soybean harvests closer to completion, government data show.
The corn harvest was 79 percent finished as of yesterday, up from 69 percent a week earlier and an average of 38 percent for the previous five years, the U.S. Department of Agriculture said today in a report. About 71 percent of the soybeans were collected, compared with 58 percent a week earlier and 58 percent, on average, from 2007 to 2011.
“We’re closing in on the last bit of harvest here,” Greg Grow, the director of agri-business at Archer Financial Services Inc. in Chicago, said by telephone. “Harvest should be finished by the end of the month for corn.”
Corn futures for December delivery fell 2.1 percent to $7.3725 a bushel on the Chicago Board of Trade. Soybean futures for November delivery dropped 2 percent to $14.925 a bushel.
The winter-wheat crop, grown in the Midwest and Great Plains, was 71 percent planted as of yesterday. That compares with 57 percent a week earlier and 71 percent, on average, from 2007 to 2011. The crop goes dormant over the winter until about March, and is harvested starting in May.