USDA Crop Progress

USDA Crop Progress

Corn Harvest: 74% (5yr avg 77%)
Soybeans Harvest: 88% (5yr avg 84%)

Analysis 

Corn harvest jumped 14 points in a week to 74%, leaving it 3 points behind the 77% five year average. Beans gained 9 to 88%, now 4 points ahead of their 84% average.

Iowa corn covered 19 points to 66% and still sits 13 under its 79% average, with Nebraska at 66% and South Dakota at 63% trailing by 9 and 12. Illinois at 86% and North Dakota at 76% are ahead of their averages of 83% and 69%. Iowa beans jumped 12 points to 90%, right on average, which leaves Kansas at 72% and Nebraska at 84% as the main states still behind.

Dec corn settled Monday unchanged at 447.75, its lowest close since early July, under the 20 day at 469.99 and the 50 day at 504.88 with RSI oversold at 22.8. Jan beans fell 18.25 to 1216.00, the lowest close since mid August, which leaves them just above the 200 day at 1201.54 with RSI at 24.2. A Dec corn close back above the 20 day at 469.99 opens the door to the 200 day at 479.69, while a break below Monday's 446.50 low puts the June 30 low at 425.75 in play.