Evening Report (VIP) -- July 1, 2013

July 1, 2013 10:38 AM
 

CORN CROP CONDITION IMPROVES... USDA reports the condition of the corn crop improved last week, with 67% rated "good" to "excellent," a rise of two percentage points. USDA still rates 8% of the crop as "poor" to "very poor," with the "fair" category losing two percentage points to 25%.

Corn

very poor

poor

fair

good

excellent

This week

2

6

25

51

16

Last week

2

6

27

51

14

Year-ago

7

15

30

40

8

 

USDA reports as of Sunday that 3% of the crop was silking, compared to 22% last year at this time and 9% on average. Just 1% of the Illinois and Ohio crops are silking, with none of the Indiana, Iowa, Minnesota or Nebraska crops silking. Typically at this time, Illinois has 16% silking and Iowa is at just 3%.

 

 

SOYBEAN CROP CONDITION IMPROVES... USDA reports the condition of the soybean crop improved, with 67% of the crop in "good" to "excellent" condition, which is up two percentage points from last week. USDA rates 26% of the crop as "fair," which is down two percentage points from last week. USDA rates 7% of the crop in "poor" to "very poor" shape, which is unchanged from last week.

Soybeans

very poor

poor

fair

good

excellent

This week

2

5

26

55

12

Last week

2

5

28

54

11

Year-ago

7

15

33

39

6

 

As of Sunday, USDA reports that 96% of the soybean crop was planted, which is a four-percentage-point gain from last week and compares to 98% on average. Illinois has 97% planted, with Indiana at 98%, Iowa at 96%, Minnesota at 96%, while Nebraska and Ohio have completed their planting efforts.

USDA reports that 91% of the crop has emerged, which is up ten percentage points from last week and compares to 94% on average. Illinois is at 93% (92% on average); Indiana at 96% (93% average); Iowa at 89% (97% average); Minnesota at 93% (100% average); Nebraska at 97% (99% average); and Ohio is at 100% (97% average).

 

 

WINTER WHEAT HARVEST 43% COMPLETE... USDA reports that 43% of the nation's winter wheat crop has been harvested, compared to 20% last week and 52% on average. Large gains made last week corresponds with an increase in harvest-related hedge pressure. But as harvest reaches the halfway point, hedge pressure should start to ease.

USDA reports Kansas is 57% complete with harvest, which represents a 49-percentage-point increase from the previous week and compares to 67% on average. Oklahoma is 84% complete (94% average), with Texas 73% complete (83% average).

 

 

SLIGHT DETERIORATION IN SPRING WHEAT CONDITION... USDA reports the condition of the spring wheat crop deteriorated slightly last week, with the portion of crop rated "good" to "excellent" declining by two percentage points to 68%. USDA rates 27% of the crop in "fair" condition, which is up two percentage points from last week. USDA rates just 5% of the crop in "poor" to "very poor" shape, unchanged from last week.

Spring Wheat

very poor

poor

fair

good

excellent

This week

1

4

27

57

11

Last week

1

4

25

59

11

Year-ago

1

4

24

59

12

 

USDA reports 93% of the crop had emerged by Sunday, compared to 90% last week and 99% on average. All states are fully emerged, with the exception of North Dakota, where just 85% of the crop is up (98% on average).

Meanwhile, USDA reports 18% of the crop has headed, compared to 69% last year and 32% on average. Leading the way is Washington with 80% headed (59% average), followed by South Dakota at 52% (66% average), Idaho at 43% (29% average), Montana at 15% (15% average), Minnesota at 9% (60% average) and North Dakota at 7% (29% average).

 

 

COTTON CROP POSTS STRONG IMPROVEMENT... USDA reports the condition of the cotton crop improved last week, with 47% now rated in "good" to "excellent" shape, which is a four-percentage-point gain from last week. USDA rates 36% of the crop "fair," (up two percentage points from last week), with 17% rated "poor" to "very poor," (down six percentage points from last week).

Cotton

very poor

poor

fair

good

excellent

This week

4

13

36

38

9

Last week

6

17

34

35

8

Year-ago

4

14

35

39

8

 

USDA reports 37% of the crop was squaring as of Sunday, compared to 23% last week and 45% on average. Texas has 31% squaring versus 36% on average. Georgia is at 41%, which compares to 54% on average.

 

 

NWS: NON-THREATENING 6-10 DAY MIDWEST FORECAST... The National Weather Service (NWS) forecast for July 7-11 will be viewed as non-threatening for Midwest crops, as it calls for above-normal precip across the southeast half of Iowa, Missouri and the entire eastern Corn Belt. Normal precip is expected in the remainder of Iowa, Minnesota and Nebraska. Temps are expected to be below-normal across Iowa, Minnesota, the Dakotas, Nebraska, Kansas and all but southeastern Missouri. Normal temps are likely over Illinois, while Indiana and Ohio are in line for above-normal temps during the period. Click here for related maps.

 

 

IGC MAKES MINOR GLOBAL CARRYOVER ADJUSTMENTS... The International Grains Council (IGC) made only minor revisions to its 2013-14 global total grains carryover projection this month. IGC raised global wheat carryover by 1 MMT to 181 MMT (179 MMT in 2012-13) and left its global corn carryover forecast unchanged at 149 MMT (119 MMT in 2012-13). That resulted in just a 1 MMT increase in global total grains carryover to 368 MMT (332 MMT in 2012-13). Click here for more.

 

 

USDA ISSUES GRANT OF INSPECTION FOR HORSE FACILITY... USDA's Food Safety and Inspection Service (FSIS) has issued a grant of inspection to a horse slaughter establishment -- Valley Meats Company -- in Roswell, New Mexico. FSIS says it expects two other applicants to be ready to receive grants of inspection for equine slaughter in the coming days. Because Congress did not continue with the prohibition of horse slaughter that extended from 2007 to 2011 in its FY 2012 Ag Appropriations Act, FSIS must grant Federal inspection to the establishment.

FSIS states, "Because of FSIS’ stringent inspection process, testing capabilities, and labeling requirements, American consumers should not be concerned that horse meat will be labeled and sold as the meat of another species, as happened earlier this year in other countries. Horses are not allowed to be slaughtered and horse meat is not allowed to be processed in the same facility as other species in the United States." Click here for more.

 

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