Southwest Iowa Crop Conditions

Corn planting mostly finished up in the hills by May 7th. The Missouri River bottom was mostly planted a week to
two weeks earlier. Bean planting is progressing rapidly this week. Estimate is 50% done in the hills and 75% done
on the river bottom; however, some replanting will occur on the bottoms due to heavy rains near Onawa on Sunday
night, May 11th, and frost occurring later that week. The tallest corn and emerged soybeans were at risk and some
acres in that area were lost to mid-May frost damage. Generally speaking, crops are off to a good start with decent
topsoil moisture. Many tile lines are not yet running, indicating that the subsoil still needs replenishment. Areas on
the river bottom remain extremely wet due to 4-5” of rain a week ago.

Corn and soybean prices established a nice uptrend since February 1st. Soybeans exceeded $13.00 for current
cash several times, luring most bushels onto the market. Now that most producers are sold out or down to few
bushels, the price for old crop is well over $14.00. New-crop beans have improved as well, despite greater
intended acres from 2013. Current new-crop bids are in the $11.75 range. Corn hit the $5.00 mark at some ethanol
plants and feed mills and $4.85 at other locations, but has since slid back as planting progress has exceeded
normal pace for this point on the calendar. Unless weather concerns develop, it will be hard for corn to stage much
of a rally through the summer. The latest US Drought Monitor shows little drought threat at this time to most of the
Corn Belt. The northern states (WI, MN, ND) are considerably behind normal planting pace.