Corn crop maturity is at 12%, considerably behind the 5 year average of 37% according to yesterday's Crop Progress Report from the USDA. USDA said 17% of the soybean crop was dropping leaves, a sign of maturity, lagging the five-year average of 36%.

Corn prices are up roughly 9% as the report signals there are not enough growing days left before the first frost dates. The frost could damage up to 20% of the late maturing corn crop. Even more concerning though is that top corn growing states Illinois, Indiana, and Minnesota are 27% to 36% behind the 5 year average in denting.

Prices have been under pressure over the last few weeks as prospects improved for a bumper U.S. crop, leaving the market vulnerable to a short-covering bounce.

The updated progress report also showed that 69% of the corn crop was in good or excellent condition, in line with last week’s 69%, and above last year’s 61%.

- Colvin