USDA Crop Progress

USDA Crop Progress

🌾 Corn Dented: 96% (5yr avg 95%) 

🌾 Corn Mature: 72% (5yr avg 71%) 

🌾 Corn Harvest: 18% (5yr avg 18%) 

🌱 Soybeans Dropping Leaves: 75% (5yr avg 75%) 

🌱 Soybeans Harvest: 17% (5yr avg 17%)

Analysis 

Corn and beans both flat this week at 57% and 58% good to excellent. Harvest is right on the five year average at 18% for corn and 17% for beans. Kansas corn leading at 48% harvested, Texas at 79%, while Iowa is only at 5%.

Conditions are locked in at this point with the crop 72% mature. The 9 point gap to year ago in corn and 4 in beans is baked. What matters now is harvest pace, and so far there is nothing to trade off this report. Iowa at 1.1 suitable days this week and Nebraska at 2.8 could slow things down next week if the wet pattern holds in the western belt.

Monday’s settle put December corn at 522.38, right at the 20 day low and below the 20 day average at 534. November beans at 1287.75 also sitting at their 20 day low, below the 20 day at 1314. Wheat is the weakest of the three at 687.50 with RSI at 26.6, deeply oversold and below both the 20 day at 730 and the 50 day at 701. A close below 520 in corn opens the door to the 50 day at 506, while beans need to hold the 50 day at 1255.