Evening Report (VIP) -- June 17, 2013

June 17, 2013 10:37 AM
 

 

CONDITION OF CORN CROP IMPROVES SLIGHTLY... Sunny and warmer weather across much of the Corn Belt last week helped to green up the corn crop, which resulted in a slight improvement in USDA's crop condition ratings. USDA pegs 12% of the crop in "excellent" shape (10% last week); 52% "good" (53% last week); 28% "fair" (29% last week); 6% "poor" (unchanged); and 2% "very poor" (unchanged).

Corn

very poor

poor

fair

good

excellent

This week

2

6

28

52

12

Last week

2

6

29

53

10

Year-ago

2

7

28

52

11


Meanwhile, USDA reports 92% of the crop has emerged, compared to 85% last week and 97% on average. Iowa has 89% emerged (99% on average); Illinois is at 94% (97% average); Indiana is at 97% (94% average); Minnesota is at 86% (99% average); and all of the Nebraska crop is now emerged.

 

 

SOYBEAN PLANTING 85% COMPLETE... USDA reports as of Sunday that soybean planting was 85% complete, meaning producers still have around 11.6 million intended acres of soybeans to plant. USDA reports Illinois has 90% planted (87% on average); Indiana is at 93% (87% average); Iowa is at 77% (96% average); Minnesota is at 84% (99% average); and Nebraska has 99% seeded (98% average).

Meanwhile, USDA reports 66% of the crop has emerged, compared to 48% last week and 80% on average. Illinois has 67% up (76% on average); Indiana is at 83% (77% average); Iowa is at 56% (91% average); Minnesota is at 64% (92% average); and Nebraska is at 90% (91% average).

Soybeans

very poor

poor

fair

good

excellent

This week

1

5

30

54

10

Year-ago

3

9

32

48

8


The first condition ratings of the year show 64% of the crop in "good" to "excellent" shape, compared to 56% last year at this time. USDA rates 30% of the crop in "fair" condition, with 6% in "poor" to "very poor" shape.

 

 

WINTER WHEAT HARVEST 11% COMPLETE... USDA reports as of Sunday that 11% of the winter wheat crop was harvested versus 5% last week and 25% on average. Texas has half of the crop cut (52% on average); with Oklahoma at 30% (64% average); and none of the Kansas crop has been harvested (21% on average).

Winter Wheat

very poor

poor

fair

good

excellent

This week

24

19

26

25

6

Last week

23

19

27

26

5

Year-ago

5

12

29

41

13


USDA reports the condition of the crop improved slightly, with 6% rated "excellent" (5% last week); 25% "good" (26% last week); 26% "fair" (27% last week); 19% "poor" (unchanged) and 24% "very poor" (23% last week).

 

 

SPRING WHEAT CONDITION IMPROVES... USDA reports the condition of the spring wheat crop improved last week, with 9% of the crop rated "excellent" (10% last week); 59% rated "good" (52% last week); 27% rated "fair" (31% last week); 4% rated "poor" (5% last week); and 1% rated "very poor" (2% last week).

Spring Wheat

very poor

poor

fair

good

excellent

This week

1

4

27

59

9

Last week

2

5

31

52

10

Year-ago

1

2

21

62

14


USDA reports 84% of the crop has emerged, compared to 71% last week and 94% on average. North Dakota remains the most troublesome, with just 74% emerged compared to 92% on average.

 

 

COTTON CROP POSTS MINOR IMPROVEMENT... USDA reports the condition of the cotton crop improved marginally from last week, with the portion of crop rated "fair" gaining two percentage points from "poor" category. The crop rated "good" to "excellent" is unchanged from last week at 42%.

Cotton

very poor

poor

fair

good

excellent

This week

6

13

39

34

8

Last week

6

15

37

34

8

Year-ago

6

9

32

43

10


USDA reports 95% of the crop has been planted, which is turning traders' attention to crop development. As of Sunday, USDA reports 10% of the crop was squaring, compared to 6% last week and 19% on average. Texas has 10% of the crop squaring (15% on average) and Georgia is at 9% (22% on average). .

 

 

SLIGHTLY BETTER FORECAST FOR MIDWEST... Meteorologist Gail Martell of MartellCropProjections.com says most of the Midwest is expected to enjoy warm, sunny and dry weather for a couple of days that will aid in planting and development of the crop. But by Wednesday, rains will return to the Upper Midwest. Still, most of the Midwest is expected to see less than 0.5 inch of rain this week, which is below the average of nearly an inch for this time of year. Click here for related forecast maps.

 

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