USDA Crop Progress

USDA Crop Progress

Corn Mature: 95% (5yr avg 96%)
Corn Harvest: 44% (5yr avg 52%)
Soybeans Dropping Leaves: 96% (5yr avg 97%)
Soybeans Harvest: 64% (5yr avg 65%)

Analysis 

Corn harvest is 44% done, 8 points behind the 52% five year average. Beans covered 18 points in a week to reach 64%, one point off the 65% average. Maturity is no longer the holdup, with corn 95% mature and beans 96% dropping leaves.

Out west, Iowa corn is at 26% against a 50% average, Minnesota at 38% versus 53%, and South Dakota at 29% versus 47%, while Illinois at 63% is running ahead of its 58% average. Iowa and Nebraska beans each jumped 26 points in a week, to 57% and 52%, but both still trail averages of 74% and 71%. Corn condition held at 56% good to excellent.

Dec corn settled Monday at 466.75, down 7.50 and under the 20 day at 501.00, the 50 day at 510.91 and the 200 day at 479.81, with RSI at 26.4. Nov beans settled at 1253.00, below the 20 day at 1290.40 and the 50 day at 1276.71 but well above the 200 day at 1180.21, RSI 36.5. In Dec corn, a close back above the 200 day at 479.81 opens the door to the 20 day at 501.00, while a break below Monday's 466.00 low targets the 60 day low at 457.25.