Grain Futures: As of 4 p.m. on July 16, corn futures were higher compared to the week before, but soybeans and wheat were down.
Corn contracts for September 2015 clocked in at $4.30/bushel, up from $4.2875/bushel the week before. December 2015 corn firmed to $4.41/bushel from the previous week’s $4.39/bushel, and corn for March 2016 was $4.51/bushel, up from $4.49/bushel the week before.
The August 2015 soybean price fell to $10.19/bushel from $10.2625/bushel one week earlier. Soybeans for November 2015 were $10.11/bushel, down from the prior week’s $10.1575/bushel, while the January 2016 soybean price slipped to $10.1725/bushel from the previous week’s $10.22/bushel.
Wheat for September 2015 was $5.6225/bushel, down from the previous week’s $5.78/bushel, and December 2015 wheat was $5.71/bushel, down from $5.86/bushel at last report. Contracts for July 2016 wheat were listed at $5.81/bushel, also lower than the previous week’s $5.95/bushel.
Eastern Cornbelt: Powerful storms brought torrential rains and strong winds to the Eastern Cornbelt last week, causing road flooding and power outages across central and southern Indiana on July 14. Flash flooding was also reported in parts of Southern Ohio, with reports of at least 60,000 Ohio residents without power on July 14.
The storm system also pounded northern Illinois on July 13 with rain, high winds, and golf ball-sized hail. Perhaps the worst flooding was reported in northeastern Kentucky, where three were confirmed dead and five missing at midweek. Emergency declarations were in effect in Kentucky as a result, and also for at least six counties in West Virginia.
The summer’s near steady dose of rainfall continued to take a toll on crops in the Eastern Cornbelt, with sources talking of early cases of leaf spot and leaf blight in corn fields, and significant harvest delays for winter wheat and first cutting alfalfa. “The corn has holes in fields, but for the most part looks pretty good,” said one Ohio source. “Soybeans, however, are looking tough.”
USDA’s weekly crop report also showed steady declines in crop quality, with good or excellent ratings assigned on July 12 to just 41-46 percent of the corn and soybeans in Ohio and Indiana, compared with 48-56 percent in Illinois.
Western Cornbelt: Northern Iowa experienced strong thunderstorms early in the week, with more rain tracking through parts of the state as the week progressed. Nebraska also saw severe weather at midweek, with more than three inches of rain causing lowland flooding in some areas and hail damage reported to crops in Northern Lincoln and Custer Counties.
The crop issues associated with cool, wet weather conditions continued to plague some parts of the Western Cornbelt, particularly in Missouri. USDA assigned good or excellent ratings to just 31-39 percent of the soybeans, cotton, and sorghum in the state last week, while 52 percent of the Missouri corn crop and 59 percent of the rice was rated as good or excellent.
In Iowa and Nebraska, by contrast, good or excellent ratings were assigned to 71-78 percent of the soybeans and 73-82 percent of the corn last week. Nebraska’s sorghum crop was also looking good, with 69 percent of the acreage rated as good or excellent.
Northern Plains: Several strong storms were reported in the Northern Plains last week, including one that produced high winds, power outages, and a number of funnel clouds in southern Minnesota on July 12, and another that brought “intense” hail to areas of western South Dakota at midweek. A North Dakota source said his area was also under a “severe weather pattern” late in the week.
Despite reports of spotty crop damage due to we