Evening Report -- July 23, 2012

July 23, 2012 10:44 AM
 

CORN CONDITION CONTINUES TO DETERIORATE... USDA now rates 26% of the corn crop in "good" to "excellent" condition while 45% of the crop is rated "poor" to "very poor." That's down five percentage points in the top two categories and up 7 points in the bottom two categories.

Corn

very poor

poor

fair

good

excellent

This week

21

24

29

23

3

Last week

16

22

31

27

4

Year-ago

5

9

24

46

16

 

As of Sunday, USDA reports 86% of the corn crop was silking, 22% was in dough stage and 6% was dented -- all well above the respective five-year averages. Excessive heat and dryness continues to stress the crop and push maturity.

 

SOYBEAN CONDITION DECLINES AS EXPECTED... USDA now rates 31% of the soybean crop "good" to "excellent," which is down three percentage points from last week and right in line with expectations. On the flip side, USDA now says 35% of the soybean crop is rated "poor" to "very poor," which is up 5 points from last week.

Soybeans

very poor

poor

fair

good

excellent

This week

13

22

34

27

4

Last week

10

20

36

30

4

Year-ago

3

8

27

49

13

 

As of Sunday, 79% of the soybean crop is blooming and 36% is setting pods. With the soybean crop at a critical juncture, forecast rains are needed across the Corn Belt. If they fail to develop, crop stress will mount given excessive heat and moisture stress.

 

SPRING WHEAT CONDITION CONTINUES TO SLIP... After a very strong start, the spring wheat crop is fading into the finish line, although it's faring much better than corn and soybeans. USDA rates 60% of the spring wheat crop in the top two categories, down five percentage points from last week.

Spring Wheat

very poor

poor

fair

good

excellent

This week

2

9

29

51

9

Last week

1

7

27

54

11

Year-ago

1

4

21

60

14

 

As of Sunday, USDA says 98% of the spring wheat crop was headed and 12% of the crop is already harvested. South Dakota is leading the way with 55% of the crop cut versus a five-year average of only 1% harvested on this date.

 

COTTON CONDITION IMPROVES... The condition of the cotton crop ticked up over the past week as areas of the South got rains. USDA rates 47% of the crop "good" to "excellent" compared to 45% last week.

Cotton

very poor

poor

fair

good

excellent

This week

5

13

35

37

10

Last week

5

13

37

37

8

Year-ago

23

18

30

25

4

 

USDA says 90% of the cotton crop is squaring while 47% is setting bolls, both of which are slightly above the respective five-year averages. Typically as of this date, 42% of the cotton crop is setting bolls.

 

NWS 6-10 DAY OUTLOOK: HOT AND MOSTLY DRY... The National Weather Service (NWS) forecast for July 29-Aug. 2 calls for above-normal temps across all of the Corn Belt and Mid-South, signaling heat stress will continue. While some private forecasters are signaling wetter conditions are likely in the 6- to 10-day window and the 11- to 15-day outlook, the NWS forecast shows normal rains over most of the eastern and northern Belt, while below-normal precip is expected across the rest of the region July 29-Aug. 2. Click here to view the temp and precip maps.

 

VILSACK ANNOUNCES MORE DROUGHT ASSISTANCE EFFORTS... USDA Secretary Tom Vilsack today announced additional efforts to help livestock producers affected by drought. Specifically, USDA will allow addition CRP acres that are classified as "abnormally dry" to be used for haying or grazing under emergency conditions. USDA will also permit farmers and ranchers to modify current Environmental Quality Incentives Program (EQIP) contracts to allow for prescribed grazing, livestock watering facilities, water conservation and other conservation activities to address drought conditions.

Vilsack also authorized haying and grazing of Wetland Reserve Program (WRP) easement areas where such haying and grazing is consistent with conservation of wildlife habitat and wetlands. For producers with land currently enrolled in WRP, NRCS has expedited its Compatible Use Authorization process to allow for haying and grazing.

USDA is also encouraging crop insurance companies to voluntarily forego charging interest on unpaid crop insurance premiums for an extra 30 days, to Nov. 1, 2012, for spring crops. Policyholders who are unable to pay their premiums in a timely manner accrue an interest penalty of 1.25% per month until payment is made. Vilsack sent a letter to crop insurance companies asking them to voluntarily defer the accrual of any interest on unpaid spring crop premiums by producers until November. In return, USDA will not require crop insurance companies to pay uncollected producer premiums until one month later. Click for more details.

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