USDA Crop Progress

USDA Crop Progress

🌾 Corn G/E drops to 63%
🌱 Soybeans G/E drops to 63%
 Spring Wheat G/E holds at 53%

Analysis 

Corn dropped 4 points to 63% good to excellent, the steepest weekly decline of the season, with beans falling 3 to 63%. North Dakota corn went from 61 to 50, South Dakota from 56 to 50, and Kansas from 64 to 54. Spring wheat held at 53%.

Corn is 10 points below year ago, and this 4 point weekly drop is the sharpest of the season. Beans are 7 below last year after three straight weeks of erosion. The deterioration is broad: North Dakota corn fell from 61 to 50, Kansas from 64 to 54, and South Dakota from 56 to 50, all in one week.

Corn is trading about 14 lower this afternoon after Friday’s settle at 487.50, a fresh 52 week high. Beans are down around 42 from Friday’s 1253.50, also a 52 week high. The 20 day in corn sits at 459 with the 50 day at 447, and RSI cooled to 63.5 from last week’s stretch. A close above 490 in corn targets 500, while the 20 day at 459 is first support if this afternoon’s selling carries into tomorrow.