Wet and severe weather throughout June has made growing conditions less than ideal for the 2015/16 crop. Temperatures have increased in June providing ample growing degree units, but the wet field conditions have farmers concerned about the potential for crop disease and mold if the precipitation continues. Farmers have also said that the rain has limited their field access this month, delaying pesticide and nutrient application. Heavy rains sweeping across the northern Midwest on June 22nd also raised concern over leeching nitrogen.
The USDA estimated corn conditions in the U.S. as of June 21, at 71% as “Excellent” or “Good,” a 2% decrease from last week and a 3% decrease from last year. 23% of the crop was reported as “Fair,” a 1% increase from last week, but a 2% increase from last year, while only 6% was rated as “Poor” or “Very Poor”.
The soybeans crop was reported 90% planted, a 3% increase from last week, but 5% behind the five-year average. Of the five largest soybean-producing states, Minnesota has reported the highest level of completion at 99%, followed by Iowa and Nebraska at 95%. Missouri soybean farmers have battled rain the entire planting season and have the least amount of soybeans planted of any area in the U.S. It is expected that those soybeans not planted by now will be registered for prevent plant by the June 25, due date. Early analyst estimates show anywhere from 400 to 800 thousand soybean acres could be prevent planted in Missouri.
Soybean emergence was reported at 84%, a 9% increase from last week, but 3% behind the five-year average. Of the five largest soybean producing states, Minnesota reported the most emergence at 98%, followed by Indiana and Iowa, both at 90%.
The USDA estimated soybean crop conditions at 65% “Excellent” or “Good,” a 2% decrease from last week, and 7% behind the five-year average. 27% of the crop was rated as “Fair,” unchanged from last week, while only 8% of the crop was rated as “Poor” or “Very Poor”.
Winter wheat harvested was reported at 19%, an 8% increase from last week, but 12% behind the five-year average. Tropical Storm Bill caused significant rainfall in the southern Great Plains continuing the delay in winter wheat harvest.
The USDA estimated winter wheat conditions at 41% “Excellent” or “Good”, a 2% decrease from last week, but an 11% increase from last year. 37% was rated “Fair”, a 2% increase from last week. 22% was rated “Poor” or “Very Poor,” unchanged from last week, but a 22% decrease from last year.
Spring wheat headed was reported for the first time this week. 23% was reportedly headed, a 14% increase from last year and a 8% increase from the five-year average.
Spring wheat conditions were reported at 71% “Excellent” or “Good,” a 1% increase from last week, but even with the five-year average. 25% was rated “Fair,” a 1% decrease from last week, and 4% was rated “Poor” or “Very Poor.”
July futures for corn closed the week at $3.60 per bushel, a 3.4% increase from last week. July soybeans ended the week at $9.89, a 5.5% increase from last week, and July wheat ended the week at $5.01, a 2.5% increase from last week. Year-to-year corn prices are down 18.9%, soybeans are down 30.5%, and wheat is down 13.5%.
-Colvin