Soybean Farmers Encouraged By Improving Conditions

 

Good weather through the end of July caused soybean conditions to improve, nearing the high marks set by last year’s crop at this time. As August begins, many farmers are hoping that the weather will cooperate, as August is the most crucial month for soybean development. Soybean maturation is on schedule, but farmers in the eastern and southern Corn Belt remain pessimistic about their soybeans crop due to weather conditions.

 

The USDA estimated corn crop conditions in the U.S. as of August 2nd, at 70% as “Excellent” or “Good,” unchanged from last week, but a 1% decrease from last year. 21% of the crop was reported as “Fair,” unchanged from last week, but a 1% increase from last year. 9% was rated as “Poor” or “Very Poor”, unchanged from last week.

 

Corn silking was reported at 90% silked, a 12% increase from last week and a 1% increase from the five-year average. Of the five largest corn producing states, Illinois, Minnesota, and Nebraska all reported 94% silked, followed by Iowa at 93%. Indiana reported the least with 86% silked. Farmers continue to express concern over the corn crop in the eastern Corn Belt.

 

Corn doughing was estimated by the USDA at 29%, a 15% increase from last week, but a 2% decrease from the five-year average. Of the five largest corn producing states, Illinois reported the most doughing at 46%, followed by Iowa at 24%.

 

Soybean blooming was reported at 81%, a 10% increase from last week, but a 2% decrease from the five-year average. Of the five largest soybean producing states, Minnesota reported the most at 96%, followed by Nebraska at 89%, and Iowa at 87%.

 

The USDA estimated soybeans setting pods at 54%, a 20% increase from last week and a 5% increase from the five-year average. Of the five largest soybean growing states, Minnesota reported the most at 76%, followed by Indiana and Iowa, both at 57%.

 

The USDA estimated soybean crop conditions at 63% “Excellent” or “Good,” a 1% increase from last week, but an 8% decrease from last year. 26% of the crop was rated as “Fair,” a 1% decrease from last week, while 11% of the crop was rated as “Poor” or “Very Poor,” unchanged from last week.

 

Winter wheat harvested was reported at 93%, an 8% increase from last week and 8% ahead of the five-year average. The heavy rains prior to harvest caused significant delays in large wheat growing areas. Farmers have worked diligently to make up for the time lost, but quality reports of winter wheat continue to struggle.

 

Spring wheat conditions were reported at 71% “Excellent” or “Good,” a 1% increase from last week and 1% ahead of the five-year average. 22% was rated “Fair,” a 1% decrease from last week, and only 7% was rated “Poor” or “Very Poor.”

 

Spring wheat harvested was reported by the USDA at 8%, an 8% increase from last year, but 3% behind the five-year average.

 

September futures for corn closed the week at $3.66 per bushel, a 1.9% decrease from last week. September soybeans ended the week at $9.45, a 0.6% increase from last week, and September wheat ended the week at $4.99, a 0.6% decrease from last week.