Even as back room wrangling over what to do was in progress a favorable weekly crop report was issued by USDA which may have influence on pushing commodity prices even lower.
According to the Agriculture Department, 64-percent of the corn crop is in good to excellent condition. That's right in line with a year ago at this time.
59-percent of the nation's soybeans are rated in good to excellent condition...Slightly poorer than last year.
Favorable growing conditions were prevalent in much of the "Grain Belt" this week. Coupled with USDA's prognosis that earlier crop damage is less serious than originally believed, the markets continue to take a beating.
Despite a late-week rally in some sectors, all the major grains traded sharply lower this week.
With the cool, wet spring relegated to a distant memory, the trade now shifts its focus to the next critical phase. Crops will need to get through pollination without getting too hot or too dry. As of this week, just 13 percent of the nation's corn crop is in the silking stage...down from 50-percent at this time last year.