Southwest Iowa Crop Conditions

Our southwestern territory received rainfall over Memorial Day weekend; however, amounts were spotty. The Holstein area rec’d several rains of only 1/10th to ¼” ; however, areas to the southwest had downpours of 4-5”. Even those heavy rains were localized. A mile or two away, a welcome inch or so was received. Crop emergence ranges from good to fair. Most corn is up with 2-5 leaves and beans are emerging. Soil temps have been in the upper 60’s but soil beneath 4-5” remains cold to the touch.Grain markets reached a high point before Memorial Day before falling back on good planting progress and crop development. Today’s retreat in soybean prices still leaves the November contract in the upper 2/3rds of the past year’s price range. Corn has dropped from its high on May 9th down into the lower half of its post-harvest price range. Weather issues will need to develop to create concerns over crop development before we’ll see much recovery in prices. Ending stocks are tight but forecasts are for a large crop.Fewer land sales are occurring right now, which is historically typical. In past years, planting season has seen little land sale activity, with action resuming in mid-June. That is the case again in 2014, after very active years throughout 2012 and 2013.