In its weekly Crop Progress Report for June 15, USDA reflects the Midwest's worsening corn crop. USDA rated 43 percent of the U.S. crop as "fair, poor or very poor." That compares with 30 percent rated as such last year.

Specifically, USDA ranked 3 percent of the crop as "very poor," 9 percent as "poor," 31 percent as "fair," 48 percent as "good" and 9 percent as "excellent." More than 50 percent of the corn in Iowa, Missouri and Texas was rated "fair, poor or very poor," due to flooding in Iowa and Missouri and drought conditions in Texas.

There's also concern about the yield potential of flooded crops that may have to be replanted in several states. Based on past data, when planting occurs around June 15 to 20, about 50 percent of the maximum potential yield can be expected. After that date, it's essentially too late to plant corn.

As for soybeans, USDA rated 44 percent of the U.S. soybean crop as "fair, poor or very poor." Last year, 35 percent of the crop fell in that range. Breaking it down, USDA cited 2 percent of the soybeans as "very poor," 8 percent "poor," 34 percent "fair," 49 percent "good" and 7 percent as "excellent."

Seventy-one percent of the soybean crop has emerged; last year, the rate was 90 percent, and the five-year average is 86 percent.

For the full report, click here.