USDA Crop Progress

USDA Crop Progress

Analysis 

Spring wheat fell 5 points to 53% good to excellent, the biggest weekly slide of the season. Montana is at 25% and both Dakotas softened. Corn slipped a point to 67%, now 7 below year ago through pollination, while beans ticked up to 66%.

Corn has not posted a single weekly improvement since conditions reporting started. Three straight weeks of erosion with the crop 7 points below last year at silking is the kind of gap that gets priced. Beans are within 2 of year ago and not the concern right now.

Todays settle put November beans at 1225.00, a new 52 week high with RSI at 77.9. December corn at 472.50 is above the 20 day at 449 and 50 day at 447, with RSI at 67.1 and the 52 week high at 486 still in range. CBOT wheat pulled back to 672.75 from Friday’s highs but remains well above the 20 day at 621. A close above 475 in corn opens the door to a run at 486, while the 20 day at 449 is first support.