USDA crop progress reports out Monday (24 June) afternoon showed US corn planting at 98 percent complete versus 92 percent last week and 100 percent last year. The corn condition rating was at 57 percent good to excellent versus 59 percent last week. Soybean planting was pegged at 85 percent as of Sunday, which was less than expected and compares to 77 percent planted last week and 100 percent last year at this time.

The grain markets are likely to be quieter until late this week. Friday sees the updated US acreage and quarterly grain stocks report from the Agriculture Department. Friday’s acreage report will be one of the most important grain market reports of the year, due to the uncertainty surrounding it. Grain traders are keenly uncertain on corn and soybean planted acres numbers.

US Corn Belt weather still slightly favours the bulls. Rainy and stormy conditions are forecast for the US Midwest much of this week, but a drier pattern for the weekend. However, now the corn and soybeans that have not been planted very likely will not be even if conditions do dry out in the Midwest.

Also late this week - possibly Saturday - the US and Chinese presidents meet to discuss trade. Ideas are widely mixed on the outcome of that meeting, which could have major implications for grain prices.

Technically, the charts are still near-term bullish for the grain futures, as price uptrends are firmly in place on the daily bar charts for corn, soybeans and wheat.