While extensive flooding in the Midwest has weighed heavily on corn and soybean production, USDA reports nearly 60 percent of the corn crop in the 18 states is rated "good to excellent". USDA monitors the growing crop each week and released its latest Crop Progress Report on Monday. That 60 percent may come as a surprise to some, but one year ago, 73 percent of the U.S. crop was listed in "good to excellent" condition.

The National Corn Growers Association is quick to point out that USDA's crop report for this week does show a 3 percent increase of corn in "excellent" condition and a 2 percent gain in corn scored in "good to excellent" condition. Corn identified to be in "fair" condition held relatively steady at 89 percent. 

USDA also reports that 2 percent of the crop on an acreage basis was at or beyond the silking stage -- that's 2 percentage points behind last year and the five-year average for this date. The report shows that the corn crop's development was most advanced in Texas, where 56 percent of corn was at or beyond the silking stage

To access the full report, click here.