Temperatures are expected to cool down this week across much of the Corn Belt. Below average temperatures and high humidity will help the corn crop as it enters the pollination stage. The World Agriculture Supply and Demand Estimates (WASDE) released by the USDA last Friday decreased their overall production estimate due to the flooding that occurred across Iowa, Illinois, Nebraska and Southern Minnesota during June. An estimated 383,000 acres were destroyed and another two million were damaged in Iowa and Illinois alone.
The USDA corn conditions were estimated 76% in "Good" or "Excellent" condition, up 1% from the previous week, and a 10% increase from last year. Also, 19% was considered "Fair" down 1% from last week, while only 5% was considered "Poor" or "Very Poor." Of the Corn Belt states, Illinois had the most corn rated "Excellent" at 28%, followed by Iowa and Nebraska with 23% and 22%. Corn was reported 34% silked, a 19% increase from last week, and 1% ahead of the five-year average. Minnesota is well behind with only 5% of its corn in the silking stage, opposed to the five-year average of 20%.
Soybean conditions were reported with 72% of the crop in "Good" or "Excellent" condition, unchanged from last week, but a 7% increase from last year. 22% was reported in "Fair" condition, a 1% decrease from the previous week, while only 6% was reported as "Poor" or "Very Poor." Of the five largest soybean producing states, Illinois and Iowa had the most crop rated "Excellent" both with 20%. Soybeans blooming were reported at 41% this week, up 17% from last week, and 4% ahead of the five-year average. 55% of Indiana's soybean crop has bloomed, 20% above the five-year average.
The winter wheat crop was reported 69% harvested, up 12% from last week, and 1% ahead of the five-year average. Many of the southern wheat producing states are near completion with this year's wheat harvest, while northern wheat producing states like Nebraska and South Dakota are well behind due to rain that has slowed or prevented the harvest.
September futures for corn closed the week at $3.81 per bushel. August soybeans ended the week at $11.97, and September wheat ended the week at $5.37. Year-to-year corn prices are down 28.9%, soybeans are down 17.6%, and wheat is down 19.7%.
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