Crop Progress

Crop Progress

🌽 Corn 68% rated G/E, holding steady but 2 points below last year. Iowa 77%, Wisconsin 81%, Minnesota 79%.

🌱 Soybeans 66% rated G/E, matching last year. Iowa 74%, Minnesota 76%, Kentucky 73%.

🌾 Winter Wheat Only 26% rated G/E vs 49% last year. Nebraska at 5%, Colorado 7%, Oklahoma 9%. Harvest 40% complete, well ahead of 24% avg.

Analysis

Corn conditions held steady at 68% Good/Excellent, essentially matching last year’s 70%. Iowa at 77% and Minnesota 79% suggest trend yields remain intact across the Corn Belt. December corn settled Friday near 417.50, still below all three major moving averages with the 20 day around 430, the 50 day near 452, and the 200 day at 440. RSI near 25 remains oversold. The contract low at 394.50 is the key downside level; a recovery above 430 would reclaim the 20 day and likely trigger short covering toward 450.

Soybeans were rated 66% G/E, unchanged from last week and last year. November beans settled around 1142.75, below the 20 day at 1152 and 50 day at 1176 but holding the 200 day near 1117. A close above 1152 opens 1175 to 1180; a break of 1117 targets the 1080 area.

Winter wheat slipped to 26% G/E, roughly half of last year’s 49%. Nebraska at 5%, Colorado 7%, Oklahoma 9%. Harvest is 40% complete versus the 24% average. July wheat settled near 614, back above the 20 day at 603 but still below the 50 day at 619. RSI at 49 has recovered sharply from the teens two weeks ago. Support at 580, resistance at 620 to 646.