Ordinarily the Monday USDA Crop Report affects markets for several days after being released. However, with the August USDA Supply and Demand Report out Tuesday at 7:30 a.m. CDT, this week's report will barely register a blip on trader's radar screens. USDA meteorologist Brad Rippey says conditions of both corn and soybeans are very good although plant development is still a little behind normal.
"Corn condition continues to look very good," Rippey says. "We see the corn at 67%, more than two-thirds, good to excellent, up a point from last week and well above last year's condition of 56% good to excellent."
Rippey says it's the same story for soybeans, with slower than normal plant development, but 63% of the plants are rated in good to excellent condition compared with the 56% in that category this time last year.