Crop Progress Report: Severe Weather does Little to Impact Crop Conditions
Jun 23, 2014
Areas of northern Iowa, southern Minnesota, and southern Wisconsin saw anywhere from four to twelve inches of rain over the past week resulting in flooded fields that have left a number of corn and soybean acres underwater. Severe weather in western Iowa and eastern Nebraska produced hail and tornadoes that also affected farmland in those areas.
The USDA estimated corn conditions at 74% of the crop rated "Good" or "Excellent", a 2% decrease from the previous week and a 9% increase from last year. The report falls on the high side of analyst estimates, who expected somewhere between 71-74%. 21% was considered "Fair" up 1 % from last week, while only 5% was considered "Poor" or "Very Poor."
Soybean planting continues to be slowed by rain as the USDA releases the final planting report of the season. 95% of acres were estimated planted, a 3% increase from last week and 1% ahead of the five-year average. Soybean emergence was reported at 90%, a 7% increase from last week and 3% ahead of the five-year average. Soybean conditions were well above last year’s estimates; 72% of the crop is considered to be in "Good" or "Excellent" condition, down 1% from last week, but up 7% from last year. 23% was considered in "Fair" condition, while only 5% was reported as "Poor" or "Very Poor."
The winter wheat crop was reported 96% headed, a 4% increase from last week and 2% ahead of the five-year average. The USDA estimated 33% of the winter wheat crop has been harvested, up 17% from last week and 2% ahead of the five-year average. Farmers were able to continue to harvest this past week following significant rain two weeks ago that left fields too wet to work. There were no changes in the conditions report for wheat.
July futures for corn closed the week at $4.44 per bushel, a 0.7% increase from last week. July soybeans ended the week at $14.24, a 0.1% increase from last week, and July wheat ended the week at $5.79, a 0.2% decrease from last week. Year-to-year corn prices are down 32.0%, soybeans are down 5.8%, and wheat is down 14.7%.
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