Though analysts expected more, the USDA on Tuesday reported 29% of the corn crop has been harvested. Also, nearly half of the soybean crop is harvested.

USDA, in its weekly Crop Progress report indicated 47% of the soybeans have been harvested, compared to 56% a year ago. The crop is rated as 62% good/excellent, 25% fair, and 13% very poor-poor. Also, 95% of the soybeans are dropping leaves, below 96% a year ago.

For corn, 29% of the crop has been harvested, below trade expectations of 35%. The harvest pace is below 35% a year ago and a 32% five-year average. Also, 61% of the crop is rated good/excellent, 24% fair, and 15% very poor-poor. USDA reported 95% of the crop is mature, equal to a year ago.

The winter wheat crop is 37% emerged, slightly behind 38% a year ago. Also, 69% of the crop is planted, versus 68% a year ago.

For cotton, 32% of the crop is harvested, ahead of 27% a year ago. The crop is rated 40% good/excellent, 31% very poor-poor, and 29% fair. As of Sunday, 86% of the bolls were opening, ahead of 83% from a year ago.

Though analysts expected more, the USDA on Tuesday reported 29% of the corn crop has been harvested. Also, nearly half of the soybean crop is harvested.