Northeast of Storm Lake

6/24/19

Past week’s rainfall 1-2 1/2 inches
Soil Moisture Above normal to excessive
Temperature Below normal over last 2 weeks
Crop Progress Well behind normal

Corn

Soybeans

Crop Stage:

 12 to 24 inches

Crop Stage:

 2 to 4 inches

Yield Potential:

 Average to below average

Yield Potential:

 Average to below average
 

Current Market:

 

 Corn Soybeans
Current Prices   $4.31   $8.34
New Crop Bid   $4.19   $8.41

Comments:

Cool, wet weather has been the theme over the last 2 weeks. This has left crop progress at least 2 weeks behind normal levels. Soil moisture is still very high, and even though most areas have missed heavy rains, even moderate amounts leave ponded spots. The corn has improved in color in most areas, and is primed for rapid growth when we get some heat, which is in the forecast. With all the rain it has been hard to get in to finish herbicide and side dress nitrogen applications. The soybeans are very short, and also need heat. Herbicide applications will be starting soon on them. There will still be a few fields of soybeans planted this week in the wettest areas.

The grain markets have continued to push higher as traders are factoring in substantial cuts to corn yield and acres due to this year’s record slow planting pace and poor early season growing conditions. Soybean yields are subject to a sharp drop as well with the late start. The first snapshot of this year’s crop will be released by the USDA this Friday with one of its most annually anticipated crop production reports. This year will be a moving target. As of the survey date of June 1, a large portion of the crops remained to be planted. It will be a very tough job to get a handle on supplies this year.

– Nathan Deters, AFM

 

 

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