Crop Conditions as of 6-21-2019
|Past Weeks Rainfall||Most of this area received less than 1″ last week.|
|Soil Moisture||Plenty in topsoil and subsoil.|
|Temperature||Cooler than normal by 4-6 degrees, many cloudy days have kept crop growth behind normal.|
|Crop Progress||Corn planting is pretty well done in this area. Bean planting is well underway. Much should be done by end of this week.|
|Crop Stage||Corn is 18-24″ tall in most fields||Crop Stage||Beans are 3-5″ in most fields|
|Yield Potential||Trend-line or better||Yield Potential||Trend-line|
|Current Prices||$4.32||Current Prices||$8.27|
|Next October Prices||$4.20||Fall Price||$8.42|
|Past Weeks Trend||Continued rally based on continued rains & reduced production estimates.||Past Weeks Trend||Pulled upward by corn and delayed planting.|
Generally speaking, crops are as good in this area as any we’re aware of. Many corn fields have caught up to the nitrogen and have taken on a deeper green color, while other fields are still more yellow as the roots have not caught the N yet. Spraying is mostly done on the corn. Beans are mostly emerged with good appearance. Both crops are 2-3 weeks behind normal growth.
Prices have rallied due to the historically slow planting pace across much of the Corn Belt. Beans were still only 77% planted as of the June 16th update. Millions of acres will go unplanted, causing analysts to re-jigger corn and soybean balance sheets. Prices have responded upward, with cash corn hitting the $4.35 area. New-crop opportunities are similar. While prices may go higher, these are prices that should not be ignored for a portion of the crop. Bean production was not yet altered on the June 11th monthly estimate. USDA correctly said it was too early, but we expect adjustments with the June 28th Quarterly Report, or the July monthly report.
MFP payments (round 1) are to start arriving in August. We have not received details from FSA as yet.
Dennis Reyman, AFM, ARA
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