🌽 Corn 68% rated G/E, slightly below last year’s 72%. Iowa leading at 79% G/E with favorable early season conditions.
🌱 Soybeans 66% rated G/E, matching last year. Iowa 77%, Minnesota 80%.
🌾 Winter Wheat Only 27% rated G/E vs 52% last year. Nebraska at just 4%. Harvest 25% complete, well ahead of the 13% average. Oklahoma already 73% harvested.
Planting season is effectively over and the market is now trading conditions.
🌽 Corn 68% rated G/E
Corn was rated 68% Good/Excellent nationally, slightly below last year’s 72% but in line with historical norms. Iowa reported 79% G/E and Minnesota 81%, both solid early readings. December corn settled Friday near 412.75, trading below its 20 day moving average around 441 and its 50 day near 455, with an RSI reading near 18 that signals deeply oversold conditions. A close back above the 440 area would open the door toward the 455 to 460 zone where the 50 day average sits, while a failure to hold 411 targets the contract low near 394.50.
🌱 Soybeans 66% rated G/E
Soybeans came in at 66% G/E, effectively unchanged from a year ago. Iowa at 77%, Minnesota 80%, and Arkansas 70% all point to a normal early season start. November beans settled near 1132 on Friday, sitting below the 20 day average near 1163 and the 50 day at 1178 but still holding above the 200 day around 1114. RSI near 26 suggests the recent selling is overdone. A bounce above 1165 would reclaim the 20 day and shift momentum, while a break below 1112 exposes the 1080 area.
🌾 Winter Wheat Only 27% rated G/E
Winter wheat remains the bearish standout at just 27% G/E, roughly half of last year’s 52% and continuing to deteriorate. Nebraska is a disaster at 4% G/E, Kansas at 14%, and Oklahoma at 9%. Harvest is well ahead of pace at 25% complete versus the 13% average, with Oklahoma at 73% and Texas at 75%. July wheat settled Friday near 584.50, below the 20 day average around 613 and the 50 day near 617 but still above the 200 day at 558. RSI near 23 is deeply oversold. The 580 level has acted as near term support; a break there targets the 558 area at the 200 day, while any short covering rally faces resistance near 613 to 617 where the moving averages cluster.
