Warmer weather is forecasted for this week, with highs to be above average throughout the Corn Belt after last week's below-average temperatures. That is conducive to corn pollination. The heavy rain seen in the northern corn belt has left may concerned about nitrogen leaching in the area. Some farmers reapplied nutrients if they were able to get in the field, but many did not. As a result, corn has been reported stunted in some areas.
The USDA corn conditions were estimated 76% in "Good" or "Excellent" condition, unchanged from the previous week, but a 13% increase from last year. 19% was considered "Fair," unchanged 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 29%, up 1% from last week, followed by Iowa and Nebraska with 25% and 24%. Corn was reported 56% silked, a 22% increase from last week, and 1% ahead of the five-year average. Northern corn producing states are well behind their five-year average due to the planting delay they experienced this spring.
Soybean conditions were reported with 73% of the crop in "Good" or "Excellent" condition, up 1% from last week, and a 9% increase from last year. 22% was reported in "Fair" condition, unchanged from the previous week, while only 5% was reported as "Poor" or "Very Poor." Of the five largest soybean producing states, Illinois had the most crop rated "Excellent" at 21%, followed by Iowa with 20%. Soybeans blooming were reported at 60% this week, up 19% from last week, and 4% ahead of the five-year average. 70% of Indiana's soybean crop has bloomed, 1% ahead of Illinois. Soybeans setting pods were reported for the first time this week. The USDA estimates pods on 19% of the soybeans, 12% head of last year and 2% ahead of the five-year average. Indiana and Nebraska are over double their five-year average with 32% of the plants showing pods.
The winter wheat crop was reported 75% harvested, up 6% from last week, and even with 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 $3.64 per bushel, down 4.5% from last week. August soybeans ended the week at $11.75, down 1.8% from last week. September wheat ended the week at $5.30, down 1.3% from last week. Year-to-year, corn prices are down 32.6%, soybeans are down 22.7%, and wheat is down 19.6%.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it. The author has no business relationship with any company whose stock is mentioned in this article.