Northeast Crop Condition Update

8/1/18

Weather:

After a very warm and wet June, July was a welcome change back to more normal conditions. Rainfall was near average in our area and temperatures were likely a little below average for the month. This was especially beneficial to the corn crop that was going through pollination during this period. Thanks to the very warm start to the growing season, crop development is well ahead of normal, even with a later than average planting date. Most corn is in the early ear filling stage, with only the latest planted fields still in pollination. The soybeans are in the late bloom/early pod set stage. The excessive rain we had in May and June in the area will certainly limit yield potential in many places, and severely so in the worst cases. However, the more favorable weather we have had in July has stabilized and even improved prospects.

Current Market:
	Corn	Soybeans
New Crop Bid	$3.35	$8.21
Comments: July was also a better month for the grain markets, after a rough June when tariff/trade war news and great early season growing conditions in most of the Corn Belt combined to drop soybean prices to the lowest level in a decade and pulled corn prices down as well. New crop corn bids were 15 cents higher for the month and new crop soybeans were 39 cents higher. There seems to be a little optimism on the trade front, and a developing issue with too dry conditions in some areas. Crop condition ratings are still at the high end of historical levels for this date, however, and it will take a return to hot conditions in August for the market to add much weather premium back on. – Mason Troendle & Nathan Deters