Corn
Will this be the summer of drought that never fully materialized for these two crops? While there are areas of dryness, both continue to flourish. Here’s a look at how August weather is expected to finish out this week across the country, as September comes into view.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures gapped lower on the opening after a human case of New World screwworm (NWS) was announced over the weekend.
The agency is acting on a backlog of more than 175-petitions from 38-small refineries dating all the way back to 2016.
Pro Farmer economist Lane Akre says corn and soybeans posted higher weekly closes and should be able to build on that next week with the push from the lower yield and production estimates from the Pro Farmer Crop Tour.
On the heels of Crop Tour, Pro Farmer projects corn yields at 6.1 bu. below USDA’s August estimate, while soybean yield numbers are nearly aligned.
Scott Varilek, Kooima Kooima Varilek, says cattle fundamentals look supportive through fourth quarter, while corn and soybeans are running into chart resistance.
The Minnesota corn crop is going for gold. Pro Farmer Crop Tour scouts expect the crop will reach a record 202.86 bu. average, if it can outpace southern rust and tar spot. Scouts peg the Iowa corn crop at a 198.43 bu. average, but it also faces disease challenges.
Iowa could be the nation’s top state this year for corn and soybeans, but both crops are in a race to beat disease pressure that’s gaining momentum. Illinois corn continues to ride the struggle bus, while the soybean crop there is positioned to deliver high yields.
There is still up to 55% of the kernel dry weight left to be accumulated by many corn hybrids at this point — starch that can contribute significantly to grain fill and higher test weights.
Pro Farmer Crop Tour scouts take into account the lows and highs found out in the field as they encounter variability.