Hail, rain, strong winds, and tornadoes continue to be a weekly threat as much of the Corn Belt continues to deal with severe weather. The majority of Iowa and Nebraska received two to four inches of rain last week. The 10-day forecast estimates higher than average rainfall for the upper Midwest, with the 30- and 90-day forecasts suggesting above average rainfall in the west and average rainfall through the rest of the Corn Belt.
The USDA estimated corn conditions at 75% of the crop rated "Good" or "Excellent," a 1% increase from the previous week and a 8% increase from last year. 20% was considered "Fair," down 1% from last week, while only 5% was considered "Poor" or "Very Poor." Corn silking was reported for the first time this year, with 5% reported in the silking stage. This is a 2% increase from last year, but 4% behind the five-year average.
Soybean emergence was reported at 94%, a 4% increase from last week and even with the five-year average. Soybean conditions were reported with 72% of the crop in "Good" or "Excellent" condition, unchanged from last week, but up 5% from last year. 23% was reported in "Fair" condition, while only 5% was reported as "Poor" or "Very Poor." Soybeans blooming was reported for the first time this week, 10% of the crop was reported bloomed, up 7% from last year, and even with the five-year average.
The winter wheat crop was reported 43% harvested, up 10% from last week, but 5% behind the five-year average. There were no changes in the conditions report for wheat; 30% rated "Good" or "Excellent," 26% rated "Fair," and 44% rated "Poor" or "Very Poor."
July futures for corn closed the week at $4.24 per bushel, a 4.5% decrease from last week. July soybeans ended the week at $14.00, a 1.7% decrease from last week, and July wheat ended the week at $5.64, a 2.6% decrease from last week. Year-to-year corn prices are down 35.1%, soybeans are down 7.4%, and wheat is down 16.9%.
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