US Row Crop Conditions Lower
- Corn conditions decreased to 69% good to excellent versus 71% last week.
- Iowa’s corn conditions fell to 59% good to excellent from 69%.
- The US soybean rating was trimmed 2 points to 72% good to excellent.
- Soybean blooming is 96% complete compared with the 94% average and setting pods is 84% compared with the 79% average.
- Spring wheat conditions were better than expected at 70% good to excellent, showing a 1% gain from the previous week.
- Upland cotton conditions were 45% good to excellent versus 42% last week.
FBN’s Take On What It Means: Crop conditions were lower, but certainly not as bad as many feared following last week's derecho storm. Conditions in Iowa did fall, and the 10% decrease is in line with FBN ideas that losses are in the 100-125 million bushel area. Conditions in soybeans slipped as well with the drier weather, but are still well above average and would appear to just need some finishing rains to solidify a large crop.
ProFarmer Tour Starts
- The ProFarmer virtual crop tour started yesterday with observations from South Dakota and Ohio.
- The tour announced Ohio corn yields were 167.7 bushels per acre, which is below the USDA forecast of 175.
- In South Dakota, the corn yield was forecast at 179.2 bushels per acre, above the USDA forecast of 167.
- Ohio pod counts in a 3’x3’ foot square were 1,156 pods, above the 764 last year and a 3-year average of 1,040 pods.
- South Dakota pod counts were 1,250 pods compared with 833 last year and the 3-year average of 919 pods.
FBN’s Take On What It Means: The tour will be in Nebraska and Indiana today before moving on to western Iowa and Illinois on Wednesday and finishing in Iowa and Minnesota Thursday. Results for the entire US will be released on Friday. The corn results for Ohio were disappointing and reflected the planting challenges and lack of rain in areas this season, but South Dakota appears well on its way to very good yields. Soybean pod counts in both states were well above average, and appear to confirm the USDA forecast for record yield potential.
FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)
The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.
This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.
