Jon Scheve discusses why corn prices might still go lower based on the stocks-to-use ratio and historical trending.

Harvest progress on soybeans nearly doubled from last week and corn progress is ahead of the five-year average. USDA lists the majority of both crops harvested so far in the “fair” and “good” categories.

"The challenge for agriculture and other rural industries that rely heavily on global markets is their export partners simply can’t afford to buy U.S. products,” said Rob Fox, director of CoBank’s Knowledge Exchange. “When you combine the loss of exports with a general slowdown in the U.S. economy, it’s a double whammy for many businesses operating in rural America.”