Evening Report (VIP) -- September 23, 2013

September 23, 2013 09:31 AM
 

CORN CROP CONDITION IMPROVES SLIGHTLY... The condition of the corn crop improved slightly last week, with USDA pegging 42% of the crop in "good" shape, which is up two percentage points. The percent of the crop rated "excellent" was unchanged at 13%.

Corn

very poor

poor

fair

good

excellent

This week

5

11

29

42

13

Last week

6

12

29

40

13

Year-ago

27

24

25

21

3

 

USDA reports as of Sunday that just 7% of the crop was harvested. Traders expected harvest to be closer to 11% complete. This compares to 37% last year and 16% on average. Illinois has 5% harvested (24% on average); Indiana is at 6% (14%); Iowa is at 3% (9%); Minnesota is at 0% (6%); Nebraska is at 4% (10%); Ohio at 3% (6%); and South Dakota at 4% (7%).

With 40% of the crop rated as mature compared to 22% last week and 55% on average, harvest progress should start to increase more rapidly.

 

 

SOYBEAN CONDITION IMPROVES MARGINALLY... Traders that expected this afternoon's crop condition data to show soybeans rated "good" to "excellent" gaining two percentage points from last week are disappointed the data showed those categories unchanged from last week at 50%. Instead, USDA raised the percentage of the crop rated "fair" by one percentage point.

Soybeans

very poor

poor

fair

good

excellent

This week

5

12

33

41

9

Last week

5

13

32

41

9

Year-ago

14

20

31

29

6

 

As of Sunday, USDA reports just 3% of the crop has been harvested, compared to 21% last year at this time and 9% on average. Very little harvest progress has been reported from the Midwest, with harvest 46% complete in Louisiana (54% on average), followed by Arkansas at 18% (equal to average).

 

 

WINTER WHEAT PLANTING NEARING ONE-QUARTER COMPLETE... USDA reports that 23% of the winter wheat crop was seeded as of Sunday, compared to 12% last week and 24% on average. Kansas has 13% planted (15% on average), with Oklahoma at 15% (18%) and Texas at 29% (26%).

 

 

COTTON CROP RATINGS IMPROVES MARGINALLY... The condition of the cotton crop improved marginally last week, with USDA rating 35% of the crop "good," up one percentage point. USDA rates 9% as "excellent," which is unchanged from last week.

Cotton

very poor

poor

fair

good

excellent

This week

10

13

33

35

9

Last week

10

14

33

34

9

Year-ago

11

19

27

33

10

 

As of Sunday, USDA reports 5% of the cotton crop was harvested, which is just a one-percentage-point improvement from last week and compares to 10% on average. Texas has 10% harvested versus 15% on average and Arizona has 5% harvested, compared to 15% on average.

 

 

COLD STORAGE REPORT: MILDLY SUPPORTIVE BEEF, PORK STOCKS... USDA's monthly look at meat stocks in frozen storage showed both beef and pork stocks below levels traders expected at the end of August. This should help keep the hog market well supported and gives cattle traders a reason to build off today's price gains.

Pork stocks as of Aug. 31 totaled 540.028 million lbs., which was roughly 13.3 million lbs. less than the average trade guess of 553.3 million pounds. Pork stocks declined 0.7% from July and came in 7.8% under year-ago.

Beef stocks at the end of last month totaled 433.842 million pounds. The average pre-report guess pegged beef stocks at 457.1 million pounds. Beef inventories declined 6.2% from July, but were 0.2% above year-ago.

Total poultry stocks at the end of August totaled 1.272 billion lbs., which was up 0.4% from July and 5.1% greater than year-ago.

 

 

MARTELL: SOAKING RAINS TOO LATE TO IMPROVE YIELDS... Meteorologist Gail Martell of MartellCropProjections.com says while rains have eased the severity of the Midwest drought, rains came too late for the corn crop and much of the soybean crop. "Soaking rains would have been far more beneficial in August, during the key pod-filling stage," she adds.

Looking ahead, Martell says relatively quiet weather is expected this week for the eastern Corn Belt, while rains are expected across the western Belt. "Specifically, North Dakota, South Dakota, Nebraska, Iowa, Minnesota and western Wisconsin are looking wet in the five-day outlook," she adds. "Hardly any rain is predicted in the eastern Midwest, favoring crop drying and early harvesting. A dry forecast in the Central Great Plains would permit fieldwork and wheat planting in Kansas." Click here for related images.

 

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