Weekly Grain Movement: Fast harvest fills elevators

Weekly Grain Movement: Fast harvest fills elevators

Corn and soybean harvests sped along in the Midwest last week

Corn and soybean harvests sped along in the Midwest this past week under mostly clear skies and some Midwest grain dealers said elevators are quickly filling up.

The corn harvest pace continued to trail that of soybeans but made good progress.

"We are getting the last 25% of the corn and the soybeans are about 90% done," said a central Illinois dealer. "The bean yields are really great and are surprising everybody."

Yields of 65 to 75 bushels per acre in soybeans were common, he said.

"We are buying about 15% of the beans (that come in) and maybe 10% of the corn," he said.

Corn harvest pace continued to trail soybeans, but made good progress. (Thinkstock)

The pace was a little slower in Iowa, as it has been all season, with corn near Des Moines about 18% cut and soybeans 60% said a central Iowa dealer. Corn yields of 250 bushels or more were being reported there and 50 to 70 bushel for soybeans.

"We are starting to fill up. We are putting it on the ground," he said of the corn.

In western Iowa, near I-80 corn yields of 200 to 240 bushels were reported and soybeans were in the "mid-60s" said one dealer.

The U.S. corn harvest advanced 15 points in the latest week to 42% done as of Sunday, compared with 23% a year ago and the 43% average, while the soybeans advanced 20 points to 62%, versus 37% a year ago and the 54% average, USDA said late on Monday.

Iowa's corn harvest was at 29%, ahead last year's 9% but behind the 38% average, Soybean harvest there reached 65%, versus 35% a year ago and the 64% average . Illinois corn was 71% harvested and soybeans also were at 71%, compared with the respective averages of 59% and 53%.

Corn's condition stayed at 68% good to excellent and soybeans stayed at 64%.

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Weekly Grain Movement: Fast harvest fills elevators

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The rapid harvest pace has elevators anxious to ship out supplies to make space for what is to come. The Illinois elevator was waiting this week for a 100-car train to ship soybeans to the Gulf export market, while an Iowa river shipper was sending barges of soybeans to the Gulf.

The soybean Gulf basis dropped about 5 cents a bushel in the past week, but that market remains competitive with local processors, dealers said.

Corn was being shipped by train to the Carolinas and California and locally to ethanol plants.

USDA's weekly export inspections on Monday showed 67.3 million bushels of soybeans were exported last week, which topped trade forecasts and were up 58%e from the previous week. More than half of those soybeans went to China.

Corn export inspections of 22.6 million bushels were up from last week's 18.5 million, but still missed trade forecasts. Mexico and Japan took more than half of that business.

Wheat export inspections of 10.7 million bushels missed trade forecasts and were down 48% from a week ago. Japan, the Philippines and Yemen were the leading destinations.

TAGS: USDA
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