U.S. Corn and Soybean Harvests Lag Behind Schedule

The U.S. corn and soybean harvests are lagging behind their usual pace as of October 4, according to the latest USDA data. Corn harvest progress stood at 23%, four percentage points below the five-year average of 27%. While 83% of the corn crop had reached maturity, matching the five-year average, the condition rating dropped to its lowest point of the 2026 season, with just 54% rated good or excellent.

The slower harvest and weaker crop ratings are occurring against a backdrop of substantial grain supplies, which are limiting price support. USDA reported that old-crop corn stocks totaled 2.10 billion bushels as of September 1, up 35% from the previous year. This surplus is creating a buffer against harvest uncertainty but also posing challenges for growers seeking stronger cash prices.

Soybean harvests are also behind schedule, with only 25% of the crop harvested by October 4, compared to the five-year average of 33%. Soybean condition remains stronger than corn, with 57% rated good or excellent. The winter wheat crop planting is also lagging, with only 36% planted by October 4, ten percentage points behind the five-year average.

The upcoming USDA Crop Production report on October 9 will be closely watched for any changes in projected yields and production, especially given the weakening corn condition. The balance between harvest risks and substantial supply buffers will shape cash bids and farm marketing decisions in the coming weeks.