USDA reports nationwide 92% corn, soybean leaf drop

U.S. harvest activity advanced through the week ending October 11, with corn maturity and harvest ahead of their five-year averages and soybean harvest also slightly ahead, although soybean leaf drop lagged its average. Heavy rain improved drought and soil moisture in parts of the central and southern Plains and Southeast, benefiting winter wheat, pasture and water supplies, but locally slowed harvest; drier conditions persisted in parts of the northern tier, Great Lakes and Northeast. Producers continued balancing fieldwork with uneven conditions and higher diesel costs, while grain futures faced pressure after USDA raised supply estimates. In October 12 trading, December corn and wheat futures edged higher, November soybeans fell, and cotton and rice futures made small gains. Feeder cattle trading at Oklahoma City’s National Stockyards opened stronger, with good demand and weekly receipts above the previous week and the same period last year.