USDA slightly downgraded the U.S. corn and soybean crops on Monday, in its weekly Crop Progress report.

Corn was rated 58% good/excellent, 26% fair, and 16% very poor-poor. The good/excellent rating dropped equal to market analysts expectations. Also, the corn crop was rated as 25% doughing, above 20% from a year ago, and a 20% five-year average.

In its report, USDA rated soybeans 58% good/excellent, 29% fair, and 13% very poor-poor. This is about the same as what the market traders estimated. Also, 51% of the crop was setting pods, slightly ahead of last year's 50% rating, and above a 41% average. USDA rated 85% of the crop as blooming, below 86% a year ago.

For wheat, USDA rated the winter crop 88% harvested, below 90% from a year ago. The spring wheat is rated 68% good/excellent, 21% fair, and 11% very poor-poor.

USDA rated cotton at 54% good/excellent, 31% fair, and 15% very poor-poor.

USDA slightly downgraded the U.S. corn and soybean crops on Monday, in its weekly Crop Progress report.