USDA Crop Progress

USDA Crop Progress

🌾 Corn G/E holds at 61%
🌱 Soybeans G/E holds at 62%
🌾 Spring Wheat G/E slips to 51%

Analysis 

Corn held at 61% good to excellent for the second straight week, 11 points below year ago. Beans also flat at 62%, 6 below. Spring wheat dropped 4 to 51% with North Dakota sliding to 44% and South Dakota to 42%.

North Dakota corn at 27% G/E is the worst reading on the board and fell from 50% two weeks ago. The national numbers look stable but the state level picture is still deteriorating in the western belt. Kansas at 47%, South Dakota at 47%, and Colorado at 34% are all dragging on the headline while Iowa and the eastern core hold things together.

Monday’s settle put December corn at 462.00, below the 20 day at 470 with RSI at 40.8 after pulling back from the 487.50 high. November beans at 1180.25 are below the 20 day at 1202 with RSI at 34.8, approaching oversold. CBOT wheat at 639.50 sits below the 20 day at 661 with RSI at 37.4. A close back above 470 in corn reopens the upside, while beans need to hold the 50 day at 1172 or risk testing 1140.