USDA crop condition report from Monday afternoon:

https://release.nass.usda.gov/reports/prog3018.txt

Crop rating for corn stayed the same 72% gd/ex. I though it might drop a tad.

Bean rating got better by 1% to 70%.

Spring wheat dropped 1% but is incredibly high at 79%.

Cotton rating plunged again with a 5% increase in the poor/very poor.......now rated 33% in those categories. Half of the TX/OK crop is p/vp. Of course TX is #1 in cotton by a wide margin. NC also has 27% p/vp.

Heat increasing in the forecast overnight, possibly giving corn a boost:

https://www.marketforum.com/forum/topic/5754/

Wheat prices breaking out big to the upside!

https://www.marketforum.com/forum/topic/8661/

Corn historical perspective:

Who remembers $8 corn not so long(5 years) ago   

Lows are in? 22c off the lows and 56c below the late May highs. 

3 month below

1 year below

5 year below                                      10 year below

Soybeans: Wider perspective:

Almost 40c off the lows......which were 10 year lows.

Almost $1.90 off the highs from late May.

Soybeans 3 months below

Soybeans 1 year chart below   

Soybeans 5 years below

Soybeans10years-Wow, look at that high from the drought of 2012...and demand, currently at 10 year lows!

poor crops in ukraine areas have added to the pop. Maybe too hopeful after the nightmare sell off but just cannot much down side in corn right now, crop will not get any bigger from here and demand can

Thanks mcfarm,

Prices went way below value, now they are coming back to reality.

Wheat is really getting some attention with the poor crops in Europe.

Does Australia have a drought also

or am I mistaken

Not sure Wayne, they were pretty dry several months ago but will check later for you.

Last 18z operational GFS has the heat ridge much more impressive with intense heat over the Cornbelt in week 2. 

But still pretty wet

Outlier?

gfs_namer_360_200_wnd_ht	gfs_namer_360_500_vort_ht
gfs_namer_360_1000_500_thick	gfs_namer_360_850_temp_ht

Forecast Hour:  384
Image URL: http://mag.ncep.noaa.gov/data/gfs/18/namer/precip_ptot/gfs_namer_384_precip_ptot.gif