72% U.S. Corn Crop in Good to Excellent Condition

In this week's Crop Progress Report, the USDA reported for the first time this year's corn condition. For the week ending May 29, 60% of corn is in good condition, 12% excellent, 24% fair, and 4% poor to very poor.

Corn planting is almost complete with 94% done and over three fourths of this year's corn crop emerged.

Soybean planting is ahead of the five-year pace with 73% done compared with 66%.

Al Kluis, Kluis Commodities, says the USDA report came in as expected. "The states that were way behind on corn planting made rapid progress this past week and had great weather over the long three-day weekend. Corn emerged was reported at 78%, which is 3 points ahead of the five-year average," Kluis says.

"As a result of the report's high corn-emergence number, the data is slightly negative for prices tonight," Kluis states in a newsletter to customers. "The report is a little negative for soybeans. I look for soybeans to be lower tonight." Tonight's wheat market could gain slightly from the USDA report, Kluis says.