Northeast Crop Condition Update
10/12/18
Weather:
Heavy rainfall in Mid-September through most of Clay, Palo Alto and Emmet Counties averaged almost 10 inches in many areas over a four day stretch. The highest totals were in the Royal and Spencer area with some rainfall totals being reported at almost 20 inches. Luckily this came at a time when most crops were mature and as long as the water had a place to exit the field there should be no issues with grain quality. Low lying areas that tend to stand water for an extended period of time may experience grain mold or rotting corn stalks. A dryer spell in late September allowed many farmers in the Highway 3 corridor to begin harvesting mature soybean fields. Misty cool conditions caused soybean moisture to be too high for efficient soybean harvest in early October, causing many farmers to switch to combining corn. Heavy rainfall early this week has brought an almost complete stand still until dryer weather and fit field conditions are realized. Overall, we are not terribly far behind five year averages for harvest thanks to our early start in September.
Below are pictures after the wet week in September:
Standing water in a soybean field North of Royal, IA Water running over the road in Webb, IA
Corn |
Soybeans |
||
Crop Stage: |
5% Harvested |
Crop Stage: |
5% Harvested |
Yield Potential: |
Below average in wet areas. Average in areas with less rainfall |
Yield Potential: |
Average if harvested soon |
Current Market:
|
|||
| Corn | Soybeans | ||
| New Crop Bid | $3.19 | $7.80 | |
Comments:The new USMCA trade agreement with Canada and Mexico spurred a slight rally that continued with the announcement of lessened seasonal restrictions on E-15 fuel. This allows fuel containing 15% ethanol to be sold year round. The typical fuel blend contains 10% ethanol. These lessened restrictions are predicted to increase domestic ethanol consumption which would translate to increased domestic corn demand. Furthermore, the USDA report on October 12th revealed that the world corn and soybean supply was lower than expected. The average trade estimate for corn wa 1.919 billion bushes compared to the USDA reporting 1.813 billion bushels. Soybeans had an average trade estimate of 898 million bushels with the USDA reporting 885 million bushels as actual. With harvest yields coming in close to trade estimates the market will most likely not hold any surprises in the near future. If delayed harvest in the Northern Corn Belt begins to reduce yield numbers, we could see some upward motion in both crops. – Mason Troendle |
|||
Crop Update Archives – Please click on the links below to view the past pdf’s or click the green button for our Northeast Archives page
