Thanks to a break in the weather, farmers were able to make up ground and catch up on corn and soybean harvest.

According to the USDA’s latest Crop Progress report, 65 percent of corn and 83 percent of soybeans have been harvested as of Nov. 1. This pace made up for lost time due to a soggy start to the harvest season for many state:

Grain Harvest Progress

 

Last week
(10/27)

This week
(11/3)

Five-Year
Average

Corn

46%

65%

73%

Soybeans

70%

83%

83%

For corn, this week’s progress is 19 percentage points above last week’s report, or as AgriMoney reports, is roughly equivalent to 16 million acres, an area 1.5 times as big as Switzerland.

Only in two weeks on records going back to 1995 have farmers harvested a bigger proportion of their corn crop.

Click here to read the full Crop Progress report.

“More dryness across the Corn Belt and the plains allowed farmers to catch up on harvests and winter wheat planting last week,” Morgan Stanley analysts including Bennett Meier said in an e-mailed report to Bloomberg. “Limited rain across the Corn Belt should allow for relatively rapid progress again this week.”

The fast pace has started to overwhelm grain elevators across the Corn Belt.

"Although off-farm grain storage availability was rated 89% adequate to surplus, a few elevators were running short on storage space or limiting incoming grain," USDA scouts said.

Read more from AgriMoney here.

According to Bloomberg, INTL FCStone reports output in the U.S. is expected to total 14.783 billion bushels for corn and 4.033 billion bushels of soybeans. This is less than previously expected but still the most ever. See, “Soybeans fall with corn as record U.S. harvest gains pain.”