USDA's weekly crop progress updates showed US corn planting at 83 percent complete, which was in line with market expectations and compares to 100 percent planted last year at this time. Soybean planting was seen at 60 percent completed, which was above market expectations but still well behind last year's pace of 93 percent completed. The first corn condition rating was 59 percent good to excellent condition, which was above market expectations. Hard red spring wheat condition was pegged at 81 percent good to excellent, which was in line with market expectations.

Traders are now focused on the midday Tuesday USDA supply and demand report. That report sees the trade thinking monthly US and world supply and demand forecasts will come up well shy of most trade estimates on US corn and soybean planted acres and yield reductions, but could lower US grain export projections based on the current slower pace and rising global competition. Look for more active grain futures trading in the immediate aftermath of that midday report.

US Corn Belt weather has turned drier the past few days, which has allowed for strong planting progress for US corn and soybeans. However, cooler temperatures in the Midwest over the next week now has raise some concern about scant “growing degree days” needed for corn and soybean plants to mature.