USDA's Iowa Crop Progress report shows 66% of the state's corn harvested as of November 1, up from 47% on October 25, narrowing the gap to the five-year average to 13 points. The soybean harvest reached 90%, nearly erasing its six-point deficit.
Faster harvest progress means farmers are moving crop to market sooner, adding near-term harvest pressure on corn and soybean prices. The gains are routine seasonal progress rather than a change in crop size.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.