The crop progress report released by the US Department of Agriculture on Monday showed that as US corn and soybean crops enter the early harvesting stage, crop ratings have declined for the third consecutive week, but still remain at a high level in recent years, indicating that the potential for a strong harvest this year remains strong.

According to data, as of September 14th, the excellent corn yield in the United States was 67%, a decrease of 1 percentage point from last week, but still the highest level since the same period in 2018. Analysts had previously expected the value to be between 63% and 68%, with an average forecast of 66%.

At present, 7% of the corn has been harvested, which is significantly faster than last week's 4%. Although slightly lower than the market estimate of 9%, the progress is still within the normal range.

The excellent rate of soybeans has decreased from 64% last week to 63%, which is in line with expectations and still higher than the five-year average, indicating that the overall growth of soybeans this year is stable. The soybean harvest progress has been completed by 5%, which is consistent with market expectations and slightly higher than the same period last year.

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