On Monday afternoon after the close the weekly Crop Progress Report was released by NAAS. One week ago the corn crop was rated 57 percent good to excellent. Traders expected the ratings to improve 1 to 2 percent in the good to excellent category and that is what we got. It increased 1 percent to 58 percent good to excellent. Looking at the state breakdowns Indiana, Missouri and Ohio conditions dropped with all 3 major corn producing states showing their corn crop rated only 36 percent good to excellent. Even Illinois is only rated 44 percent good to excellent.

The National soybean ratings remained unchanged last week at 54 percent good to excellent. Like corn it is interesting to look at the state breakdown of the bean ratings. Indiana and Ohio were struggling the most with Indiana just 36 percent good to excellent and Ohio just 30 percent. Illinois is not a lot better at 44 percent good to excellent. With most of the bean crop planted late the major theme is how short the beans are for late July.

The crop condition ratings are not very scientific and many farmers do not put a lot of faith in how accurate they are. However, you do have to pay attention to what they are because the "market" does pay attention to them!