Last week was the first good week for planting across much of the nation and farmers made rapid progress. He suspects corn planting progress will be near five-year average in this afternoon's Crop Progress report from USDA. Late planting is off the table in most parts of the country.

USDA releases its may production supply and demand report on Thursday. It's the first production estimates for new crop going in the ground now. It's also first survey of winter wheat farmers in their field. The estimates from the wheat tour in Kansas last week are close to his models.

Crude oil has topped $70 per barrel for the first time since 2014. There's uncertainty in the market as President Trump mulls pulling out of the Iran nuclear deal.