On Monday afternoon NASS released the weekly Crop Progress Report. Last week 58 percent of the corn crop was rated good to excellent. Traders were expecting corn in the good to excellent category to increase 1 percent to 59 percent good to excellent. Instead to dropped 1 percent to 57 percent good to excellent. Just to put in perspective last year at this time 72 percent of the corn was rated good to excellent. However, the bigger story is how far behind normal the corn crop is. Only 36 percent of the corn crop is silking while average would be 66 percent.

Traders were expecting the soybean crop condition ratings to increase 1 or 2 percent in the good to excellent category. The soybean ratings were left unchanged at 54 percent good to excellent. Last year at this time 70 percent of the bean crop was rated good to excellent. Soybeans blooming was at 40 percent where as average would be 66 percent. Soybeans setting pods was only 7 percent with the 5 year average being 28 percent. Just like corn the real story is how far behind the soybean crop is!