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Corn and Beans Carry On [and Stay Calm]

Jul 26, 2016

In the week ended July 24, USDA’s 18-state corn condition again held steady at 76 percent good/very good and five percent poor/very poor.

The only substantial change in the states served by Farm Credit Services of America (FCSAmerica) was in South Dakota, where the top end of the spectrum shrank from 73 percent good/very good to only 60 percent. However, poor/very poor was unchanged at 11 percent. Iowa and Nebraska showed very little or no change.

More than three quarters of the 18-state crop (79 percent) now is silking – well ahead of the five-year average of 70 percent. Silking also is well ahead of average in the FCSAmerica states. Corn has reached dough states on 13 percent of acres – right on average.

State

Percent Silking

Good/Very Good

Poor/Very Poor

 

July 17

July 24

July 18

July 24

July 18

18 States

79

76

76

5

5

Iowa

87

82

81

4

4

Nebraska

82

79

80

4

4

South Dakota

67

60

73

11

11

 

Soybeans

The soybean crop development also is ahead of normal: USDA now reports 76 percent of soybeans blooming and 35 percent pod setting, both ahead of average (66 and 26 percent respectively).

Once again, only minor changes were seen in soybean condition, with the exception of South Dakota, where good/very good lost 5 percentage points, now at 61 percent. But as with corn, those points moved into the fair category while the bottom end of ratings stayed level at 7 percent.

 

State

 

Percent Pod Setting

Good/Very Good

Poor/Very Poor

 

July 24

July 24

July 17

July 24

July 17

18 States

35

71

71

7

7

Iowa

44

81

80

4

4

Nebraska

19

77

77

4

4

South Dakota

42

61

66

7

7

 

Bottom Line

As market analysts note, it is August weather that makes the soybean crop. But for now things look good for both corn and soybeans and time is running out for weather to rescue prices.

Should the crops continue to run so far ahead of normal, those who usually capitalize on basis narrowing in August/September before the main harvest gets underway may not see much of a benefit this year. In addition, those holding 2015 crops may be looking to make room in the bin for this year’s.

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