USDA planting progress & crop condition report

After the close Monday the USDA said that the corn crop condition was down three points to 60% good/excellent. The crop was 89% emerged, up from 74% a week ago, but below the five year avg of 95%. Traders had expected a five-percentage-point drop in the good-to-excellent condition rating from the previous week. "It's probably a little better than people were thinking," said one analyst.

The first crop condition report of the season for soybeans pegged 57% of the crop in good/excellent condition. Planting prgress is put at 77%, up from last week's 69% but below the five year avg of 89% done. Beans are 56% emerged vs 74% on the five year avg. Traders had expected anywhere from 85%-87% of the U.S. soybean crop to be

Winter wheat good/excellent is unchanged at 47%. The harvest is seen at 9% done vs the five year avg of 10% complete. Significantly perhaps spring wheat good/excellent was up six points to 63%. "The weather conditions in the Northern Plains improved last week and that resulted in better spring wheat ratings," said an analyst. "It appears that there were some states that benefited from some moisture." In North Dakota, the good-to-excellent condition rating for spring wheat rose to 61%, up 10 percentage points from the preceding week.