The latest USDA Crop Progress Report has good news for feed grains and fall supplies. The report issued Monday shows that the 2014 corn crop is actually getting better with a bump up to 75% good to excellent condition. About 5% of the crop is silking, which is behind the five-year average, but not a key issue for final yield at this time of year.

Key corn producing states report the crop in good condition. Illinois reports corn is 80% good to excellent; Iowa is at 79%, Nebraska at 70% and Indiana at 75%. States hard hit by rain still report that corn in the ground has a good percentage rated good to excellent - including Minnesota (65%), South Dakota (79%) and North Dakota (81%).

For soybeans, the news is good too. The overall crop is on schedule for emergence matching the five-year average of 94%. As for condition, 72% of the crop is rated good to excellent compared with 72% last week. Key soybean producing states show a healthy crop is thriving this season. Here's a look at some key top-producing soybean states and the percentage of the crop rated good to excellent - Iowa (75%); Illinois (74%); Indiana (70%); Ohio (74%) and Nebraska (71%).

The soybean crop is progressing well with 10% blooming, which is right on schedule for the five-year average as well.

USDA released figures today showing that corn acres are down 4% from last year and the lowest since 2010, but still the fifth highest corn acreage since 1944. The agency reported that 91.6 million acres of cropland was planted to corn.

Soybean acres are up 11 percent in the latest report with area for harvest at 84.1 million acres, and will be a new record high acreage for the protein crop. States that will plant record high acreage for soybeans include Michigan, Minnesota, Nebraska, New York, North Dakota, Ohio, Pennsylvania, South Dakota and Wisconsin, the agency reports.