Crop Conditions
The National Drought Mitigation Center estimates 67% of corn and 60% of soybeans are still considered to be in drought, a slight improvement from last week when drought covered 70% of corn and 63% of soybeans.
Flattened corn can often recover, stand and produce decent yields. Soybeans can shake off a storm and flourish, but beware spider mites in the next 10 days if temperatures stay 85-plus degrees with low humidity.
Farmers across the Texas High Plains received a deluge of rainfall right at planting, and while the moisture was needed, the sudden switch prevented some farmers from planting their intended cotton acres this year.
USDA released a few big surprises in the June acreage report, including a spike in corn acres and a large reduction in soybean acres. The agency also forecasts grain stocks below trade expectations.
Hurricane-force winds swept from northern Missouri and Iowa all the way east to Illinois and Indiana. The derecho brought wind gusts up to 100 mph, flattening cornfields, but it also drenched soils with crucial rains.
USDA’s June 30 Acreage report is generally a big market mover, but early trade estimates show little change from March, while quarterly stocks estimates indicate tighter supplies than 2022.
Even with rains sweeping the Northern Corn Belt last weekend, the latest drought monitor shows drought continues to spread across Illinois with D2 (Severe Drought) taking a 28-point jump in a week.
Despite weekend rains sweeping the northern Corn Belt, corn and soybean conditions sit at the second-lowest level in history. Sizable declines hit key areas of the Corn Belt as corn enters a critical time for production.
Corn prices sunk as forecasts turned more optimistic for the weekend rains in the northern Corn Belt. USDA meteorologist Brad Rippey says the rains aren’t enough to change the potential production problems in Illinois.
Corn prices fell more than 30 cents on Friday, a change from the rapid run-up in prices the past two weeks, but even with chances of rain across the northern Corn Belt, drought continues to eat away at crop conditions.