Grain Futures: Soybean futures as of 4 p.m. on Aug. 21 were down from the previous week, while corn and wheat were mixed.
Corn for September 2014 was $3.6225/bushel, up from $3.62/bushel the previous week, while corn for December 2014 slipped to $3.69/bushel from the prior week’s $3.735/bushel. March 2015 corn contracts checked in at $3.8175/bushel, also down from the previous week’s $3.8675/bushel.
The November 2014 soybean price was $10.3825/bushel, down from $10.56/bushel a week earlier. Soybeans for January 2015 were also lower at $10.4525/bushel from the prior week’s $10.6475/bushel, while soybeans for November 2015 were posted at $10.4575/bushel, down from $10.61/bushel a week earlier.
Wheat for September 2014 was $5.4625/bushel, up from the prior week’s $5.3725/bushel, while wheat for December 2014 firmed slightly to $5.555/bushel from $5.5275/bushel at last report. July 2015 wheat contracts traded at $5.8925/bushel, down from the previous week’s $5.9525/bushel.
Eastern Cornbelt: The combination of August heat and well-timed moisture continued to benefit the region’s corn and soybean crops last week.
USDA assigned good or excellent ratings to fully 78-80 percent of Illinois’ corn and soybeans as of Aug. 17, compared with 72-75 percent in Ohio and 67-73 percent in Indiana. Nationally, 72 percent of the corn crop and 71 percent of the soybeans were rated as good or excellent last week.
Western Cornbelt: With abnormally dry to moderate drought conditions now limited to areas of southern Nebraska and southwestern Missouri, sources reported favorable crop conditions in the Western Cornbelt last week.
USDA placed fully 78-83 percent of Missouri’s corn and soybeans in the good or excellent categories as of Aug. 17, compared with 70-75 percent of the acreage in Iowa and Nebraska. Good or excellent ratings were also handed out to 67 percent of the rice and 60 percent of the cotton acreage in Missouri last week.
California: Expanding drought conditions continued to grip California at mid-month. Local reports said the state’s major reservoirs have dropped to critical levels, with Lake Shasta and Lake Oroville at just 32 percent of capacity, New Melones at 24 percent, San Luis at 20 percent, Exchequer at 18 percent, and Pine Flat at 12 percent.
The Aug. 12 U.S. Drought monitor showed severe drought covering the northwestern and southeastern tips of California – and those were the state’s wettest areas. Drought conditions in the rest of California were labeled as extreme to exceptional, the two worst categories, with exceptional drought now covering roughly two-thirds of the state.
Sources are hoping for a wet winter, with the rainy season set to begin on Nov. 1. “Fingers crossed for good weather as we go into the fall/winter,” said one source. “And good weather for California actually means bad weather.”
Pacific Northwest: As of mid-August, extreme drought conditions covered most of the southern half of Oregon, while moderate to severe drought persisted across northern Oregon, eastern Washington, and southern Idaho.
The dry conditions, coupled with windy weather at mid-month, fueled several wildfires in the region and continued to prompt red flag fire warnings. Thunderstorms brought rainfall to parts of southern Idaho and western Montana last week, however, with heavier showers and much cooler temperatures expected by the coming weekend.
The small grains harvest was well underway in the region. USDA reported that 65-68 percent of Washington’s spring wheat and barley crops were in the bin by Aug. 17, compared with 23-38 percent in Idaho and Montana. Just 19-23 percent of the ac