Grain Futures: As of 4 p.m. on June 18, soybean futures were higher, wheat was lower, and corn futures were mixed compared to the week before.
Corn was $3.58/bushel for July 2015, up from $3.565/bushel the week before. The September 2015 corn price had inched up to $3.635/bushel from $3.63/bushel the week before, while trading of December 2015 corn contracts checked in at $3.7325/bushel, down from the prior week’s $3.7425/bushel.
The July 2015 soybean price was $9.7775/bushel, up from $9.40/bushel at last report. Soybeans for August 2015 were also higher, at $9.605/bushel from the previous week’s $9.2275/bushel, while soybeans for November 2015 were quoted at $9.4225/bushel, up from $9.0875/bushel the week before.
Wheat for July 2015 was $4.88/bushel, down from the prior week’s $5.0425/bushel. September 2015 wheat slipped to $4.9325/bushel from $5.115/bushel at last report, while July 2016 wheat contracts were reported at $5.355/bushel, down from $5.515/bushel the week before.
Eastern Cornbelt: Much of the Eastern Cornbelt was hit with heavy rainfall at mid-month, which left fields saturated and many rivers overflowing their banks.
A flash flood watch was in effect early in the week for northern and central Illinois after weekend rains dropped as much as 3-4 inches in areas such as Seneca and Marseilles. Local reports talked of extensive flooding along portions of the Illinois, Des Plaines, and Fox Rivers at midweek, with evacuations in effect for some areas along the Illinois River.
Heavy rains also produced flooding in northern Indiana on June 15-16, particularly along several tributaries of the Wabash River. A flood watch was extended until midweek in central Ohio as well, with flood warnings posted for parts of Marion County along the Scioto River. The Ohio River was expected to crest on June 25 at 5 feet above flood stage at Cairo, Ill.
The plentiful moisture made for good crop conditions in the Eastern Cornbelt. Good or excellent ratings were assigned last week to fully 80 percent of Ohio’s corn crop, compared with 73-76 percent in Indiana and Illinois. Growers were struggling to finish soybean planting, however, which stood at 90-95 percent complete in the region by June 14.
Western Cornbelt: Wet field conditions continued to slow sidedress applications and post-emergence herbicide work in parts of the Western Cornbelt. Sources also reported delays in the completion of soybean planting in the region, particularly in Missouri.
Heavy rainfall from Tropical Storm Bill produced rapid rises on both the Mississippi and Missouri Rivers last week. Sources last week said that rainfall totals of 8-12 inches were reported in some areas of eastern Texas and Oklahoma as the tropical storm moved inland last week, with lesser but still significant amounts expected across the central U.S.
The Mississippi was expected to reach more than 5 feet above flood stage at St. Louis, Mo., by June 19, with levels at Cape Girardeau, Mo., likely to crest at 12 feet above flood stage by June 23. The Missouri River was also nearly 6.5 feet above flood stage in Hermann, Mo., on July 17, causing some crop flooding in lowland areas.
Missouri growers were struggling to complete soybean planting, with just 42 percent of the acreage seeded by June 14, well behind the five-year average of 79 percent. By contrast, soybean planting in Iowa and Nebraska had progressed to 91-93 percent by that date. USDA assigned good or excellent ratings last week to fully 84 percent of Iowa’s corn crop, compared with 67 percent in Nebraska and 52 percent in Missouri.
California: Sources reported hand-to-mouth fertilizer purchases in California as the summer growing season continues. No major supply issues were reported,