Grain prices drifted lower this week. New- and old-crop corn prices were both down from 13¢ to 18¢ for the week ending Aug. 19. Soybean prices were also down, with old-crop dropping 45¢ and new-crop dropping 49¢. Wheat prices were down45¢ to 50¢.
“Good weather took us lower this week,” says Jerry Gulke, president of Gulke Group. “The dry areas improved due to rain. Looking forward, generally speaking, it looks like it will be perfect weather.”
Next week, Aug. 22-25, the Pro Farmer Crop Tour kicks off with scouts providing crop reports from 2,000+ fields across Illinois, Indiana, Iowa, Minnesota, Nebraska, Ohio and South Dakota.
“We’re going to see boots on the ground and they’re going to do some things that USDA no longer does in August,” Gulke says. “They’re going to be able to count the cobs and see how many good cobs are there , how many rows and how long the ears are and the number of kernels. Same with the beans, by counting pods.”
Read More: How To Analyze Pro Farmer Crop Tour Data
On his own farm, Gulke says his corn ears are looking larger and better than last year. He’s guessing his northern Illinois corn crop will be 15% or better than last year.
“I can do the math and I can see the potential,” he says.
Since the beginning of this season, Gulke has thought he may harvest the best soybean crop of his career this fall.
“But now when I walk in it again, I’m seeing a distance between the nodes that’s a little wider than what it was last year,” he says. “Although the recent rain may help it fill out new growth. So, I think I have as good a crop as I’ve ever had, but I’m not sure it will be a record.”
The Pro Farmer Crop Tour scouts will go through both good areas and poor areas, Gulke says, which will provide a needed perspective to this year’s corn and soybeans crops.
Read More: Understand the Pro Farmer Crop Tour Data-Gathering Process
“I think there will be a lot more truth found in Pro Farmer’s tour next week versus what we’ve found in the USDA reports,” he says. “We’ll see just how good the the good-to-excellent condition ratings from USDA really are. This is the first boots-on-the-ground assessment and that ought to be revealing. The first couple days will cover the western corn belt where a poor crop is noted, and that could be a market-influencing opportunity.”
You have the opportunity to attend Pro Farmer Crop Tour nightly meeting or watch a brief broadcast online this year. Reserve your spot.
Check the latest market prices in AgWeb’s Commodity Markets Center.
Jerry Gulke farms in Illinois and North Dakota. He is president of Gulke Group Advisory Services. Disclaimer: There is substantial risk of loss in trading futures or options, and each investor and trader must consider whether this is a suitable investment. There is no guarantee the advice we give will result in profitable trades. Past performance is not indicative of future results.
