What Markets Watch as Crop Tour Results Pour In

August 23, 2017 06:15 PM
 
 

As yield results start rolling in from the 25th annual Farm Journal Midwest Crop Tour (formerly Pro Farmer), farmers are watching markets in anticipation. Slight shifts from USDA Aug.1 predictions could impact corn and soybean prices.

“Is it going to move the market? South Dakota was a little bit better in the area that we sampled from what trade was expecting,” says Chip Flory, Farm Journal Pro editorial director. “I think we did a good job explaining though that if there is any area in South Dakota that you can call good that’s where we were—and it’s down from a year ago.”

 

Outside of South Dakota’s sampled area suffered from drought stress. The team found Nebraska corn yields came in higher than those of a year ago.

“I know guys are gonna come back and say you pulled half of your sample from irrigated fields, last year it was about 40% to 40% irrigated,” Flory says. To make it even, he took dry land yield and irrigated yield on a weighted scale and Nebraska is still up five bu. per acre over last year—though it’s not what USDA predicted.

Similarly, Ohio yield came back stronger on corn than what the market expected, but Indiana fell short—lower than USDA’s Aug. 1 expectation. Illinois is the swing state.

“Early reports in Illinois yesterday were than conditions were extremely variable—low end was lower than expected and high end not quite as high,” Flory says. Flory expects eastern Iowa and Minnesota to provide good corn yields.

“Since expectations were lower than what USDA showed us I think backing up those numbers might be just a little bit negative in corn markets and beans it’s still to early to tell,” he says. “Pod counts are down, which might be a touch positive, especially after USDA showed us a big 49.4 national yield Aug. 1.”

Where they’re seeing good corn, beans are suffering and vice versa. “Pretty common and we’re finding a lot of that out there,” Flory says.

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Comments

 
Spell Check

jack
Chicago, IL
8/23/2017 11:24 PM
 

  I think we could be seeing the end of farming as we know it. $3.25 is all but in the cards, maybe even sub $3.00, no one will be left standing.

 
 
carl
middle tn, TN
8/23/2017 08:46 PM
 

  So lets get this correct. Poor growing conditions in the east with too much rain. huge amount of replants and now it has turned dry. A key word that I keep hearing is variabilty is big.Then in the west drought has had a crushing effect on crops. Growing conditions are 15% lower than last year.SO now you are preparing to say FOLKS WE'VE GOT A HUUUUGGGE CROP!!!!! At least you are giving us a heads up that you are about to lay the pipe to us.

 
 

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