Yesterday, USDA reported 51% of the corn crop is in "good" or "excellent" condition, down from last week's 53% and last year's 68%. Soybean conditions also slipped to 53% in "good" or "excellent" condition, down from last week's 56% and last year's 63%

Corn prices declined 5% last week, but are 36% above year ago levels, while soybean prices were off 6% last week, but are up 23% year-over-year. Wheat prices declined 4% over the past week and are down 8% year-over-year.