With the U.S. Department of Agriculture's important crop production and supply-and-demand reports due to come out Tuesday, the weekly crop progress report released Monday shows that corn is holding steady.

73 percent of the crop is rated good or excellent (as of August 10), 20 percent fair and 7 percent poor or very poor. Last year at this time, 64 percent of the corn crop was rated good or excellent.

National Corn Growers Association President Martin Barbre tells us,

Except for a few areas, corn growers are seeing a good crop come in. This perceived abundance can drive corn prices down even further, below the cost of production in some cases. And this is why it's critically important that we not take any action that negatively impacts the markets for corn any further, such as cutting the Renewable Fuel Standard, or that drives up the cost of production, such as overly burdensome regulations. At the same time, modernized trade promotion authority legislation would improve our nation's ability to advance trade agreements that open markets for U.S. farmers.

The crop progress report also tracks the stages of corn crop growth, with 96 percent silking, 54 percent in the dough stage and 11 percent dented, compared to a five-year average of 95, 46 and 16 percent, respectively.