Evening Report (VIP) -- August 13, 2012

August 13, 2012 10:34 AM
 

CORN CONDITION DECLINES SLIGHTLY... As expected, USDA left the portion of crop rated "good" to "excellent" at 23%, but raised the "very poor" category by one percentage point for a net result of slight overall deterioration from last week.

Corn

very poor

poor

fair

good

excellent

This week

26

25

26

20

3

Last week

25

25

27

20

3

Year-ago

5

10

25

46

14

As of Sunday, USDA reports 42% of the crop was dented compared to 26% last week and 16% on average. Illinois is at 62% (23% on average); Indiana is at 39% (12% on average); and Iowa is at 45% (9% on average). USDA reports 105 of the corn crop is mature, which is up from 6% last week and 3% on average. USDA is scheduled to release its first progress report on harvest progress next week.

 

SOYBEAN CONDITION IMPROVES SLIGHTLY... This afternoon's crop condition report from USDA delivered the expected results -- showing the portion of crop rated "good" to "excellent" up one percentage point from last week to 30%. The "poor" to "very poor" categories also improved by one percentage point to 38%. Traders say the slight improvement signals rain can still benefit the pod-filling crop. Although there are just scattered showers in the forecast and drier conditions are expected next week, traders are still hopeful end-of-the-season weather conditions will be less stressful than seen in June and July.

Soybean

very poor

poor

fair

good

excellent

This week

16

22

32

26

4

Last week

16

23

32

25

4

Year-ago

4

9

26

48

13

As of Sunday, USDA reports 83% of the crop was setting pods compared to 71% last week and 70% on average. Illinois is at 88% (70% on average); Indiana is at 80% (61% on average); and Iowa is at 88% (82% on average).

 

SPRING WHEAT HARVEST TWO-THIRDS COMPLETE... USDA reports 65% of the spring wheat crop was harvested as of Sunday compared to 47% last week and 24% on average. Harvest is complete in South Dakota (62% on average) and producers in Minnesota are 92% complete (30% on average). On the opposite end is Idaho with 24% harvested (11% on average) and Montana with 30% harvested (15% on average).

 

COTTON CONDITION IMPROVES MARGINALLY... The condition of the cotton crop improved modestly from last week, with the portion of crop rated "good" to "excellent" up one percentage point to 42%. Meanwhile, the portion of crop rated "poor" to "very poor" also climbed by one percentage point to 28% compared to 40% last year at this time.

Cotton

very poor

poor

fair

good

excellent

This week

10

18

30

32

10

Last week

10

17

32

32

9

Year-ago

21

19

29

26

5

As of Sunday, USDA reports 12% of the crop was opening bolls versus 9% last week and 10% on average. The most advanced crop is in Louisiana, where 34% is opening bolls (22% on average), followed by Arizona at 25% (26% on average).

 

6-10 DAY FORECAST: COOL AND DRY FOR MIDWEST... The National Weather Service forecast for Aug 19-23 calls for below-normal temps and below-normal precip across the Corn Belt. While cooler temps will ease stress on crops, drier conditions won't provide the much-needed moisture the soybean crop needs to fill pods. Click here to view related maps.

 

USDA ANNOUNCES MEAT PURCHASES TO AID LIVESTOCK PRODUCERS... USDA Secretary Tom Vilsack today announced the agency's intent to purchase up to $170 million of pork (up to $100 million), lamb (up to $10 million), chicken (up to $50 million) and catfish (up to $10 million) for federal food nutrition assistance programs, including food banks. The purchase is designed to help relieve pressure on American livestock producers during the drought, while helping to bring the nation's meat supply in line with demand, says USDA.

This coincides with President Obama's campaign swing through Iowa during which he is expected to encourage government vendors to purchase beef pork and lamb soon and then freeze it for later use. Click here for more.

 

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