Evening Report (VIP) -- July 8, 2013

July 8, 2013 10:29 AM
 

CORN CROP POSTS SLIGHT IMPROVEMENT... USDA reports as of Sunday, the condition of the corn crop improved slightly from last week. USDA reports an expected one-percentage-point gain from last week in crop rated "good" to "excellent" to 68%. USDA reports 8% of the crop in "poor" to "very poor" shape, which is unchanged from last week. USDA reports 24% is rated "fair," which is down one percentage point from last week.

Corn

very poor

poor

fair

good

excellent

This week

2

6

24

51

17

Last week

2

6

25

51

16

Year-ago

12

18

30

34

6

As of Sunday, USDA reports 6% of the crop was silking, which compares to 46% last year, 3% last week and 20% on average. None of the Indiana and Iowa crops have begun to silk, which compares to 22% and 11% on average, respectively. Illinois has 8% silked (32% average). Minnesota also has none of the crop silking (9% average), with Nebraska at 1% (16% average) and Ohio at 4% (14% on average).

 

SOYBEAN CROP CONDITION UNCHANGED... USDA reports the condition of the soybean crop is unchanged from last week, which is a slight disappointment given traders expected a one-percentage-point gain in the crop rated "good" to "excellent." USDA rates 67% of the crop in the top two categories, with 26% "fair" and 7% in "poor" to "very poor" shape.

Soybeans

very poor

poor

fair

good

excellent

This week

2

5

26

55

12

Last week

2

5

26

55

12

Year-ago

9

18

33

35

5

As of Sunday, USDA reports 10% of the crop was blooming, which compares to 42% last year and 24% on average. Illinois and Indiana have 9% blooming, which compares to 20% on average. Iowa is at 4% (31% average), Minnesota is at 5% (21% average), Nebraska is at 20% (21% average), and Ohio is at 7% (19% average).

 

WINTER WHEAT HARVEST CROSSES HALFWAY MARK... USDA reports that as of Sunday, 57% of the winter wheat crop was harvested, which compares to 43% last week and 64% on average. Kansas has 87% harvested (89% average), with Oklahoma at 94% (98% average) and Texas at 84% (93% average). This signals the bulk of harvest-related hedge pressure should be behind the market.

 

CONDITION OF SPRING WHEAT CROP IMPROVES... USDA reports 72% of the spring wheat crop is in "good" to "excellent" shape, which is a gain of four percentage points from last week. USDA rates 23% of the crop in "fair" shape, which is down four percentage points from last week. USDA rates 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

23

59

13

Last week

1

4

27

57

11

Year-ago

1

6

27

54

12

USDA reports 45% of the crop is headed, which compares to 18% last week and 53% on average. The most delayed crop remains in North Dakota, where 33% is headed, which compares to 51% on average.

 

COTTON CROP CONDITION DECLINES... USDA reports the condition of the cotton crop declined from last week, with 24% now rated in "poor" to "very poor" shape, which is a seven-percentage-point gain from last week. USDA rates 44% in "good" to "excellent" shape, which is down three percentage points from last week. USDA rates 32% in "fair" shape, which compares to 36% last week.

Cotton

very poor

poor

fair

good

excellent

This week

9

15

32

34

10

Last week

4

13

36

38

9

Year-ago

4

14

38

36

8

As of Sunday, USDA reports 10% of the crop was setting bolls, which compares to 6% last week, 21% a year-ago and 18% on average. Texas has 11% setting bolls (15% average) and Arizona is at 32%, which is equal to the average pace.

 

WIDESPREAD RAINS EXPECTED ACROSS CORN BELT... Rains began moving across the central Corn Belt this morning, with more rains in the forecast, says meteorologist Gail Martell of MartellCropProjections.com. She says rains of at least 0.5 to 1.25 inch are expected across a broad area of the Corn Belt this week, although the exception is Nebraska, which is expecting mostly dry conditions. She also says more moderate temps should return to the Corn Belt by midweek. Click here for more details and related maps.

Corn and soybean futures were lifted by midday weather models that signaled a strong heat dome may develop in the central U.S. by Friday. Traders will be keeping a close eye on weather models to see if there's any shifting in the forecast -- or if the hotter outlook is reinforced as the week progresses.

 

PORK PRODUCERS LOOK FORWARD TO PERIOD OF PROFITABILITY... Purdue University ag economist Chris Hurt says pork producers could be just weeks away from an extended period of profitability due to improved prospects for U.S. corn and soybean production. Hurt notes the latest Hogs & Pigs Report signaled producers' expansion plans were on hold, as the size of the spring pig crop was unchanged. But he says given the increasing realization of better crop production, pork producers are expected to begin some modest expansion late this summer and especially in the fall of 2013. Click here for more.

Back to news


Comments

 
Spell Check

No comments have been posted to this News Article

Corn College TV Education Series

2014_Team_Shot_with_Logo

Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!

Markets

Market Data provided by QTInfo.com
Brought to you by Beyer
Close