Grain Futures: As of 4 p.m. on Aug. 6, wheat futures were higher compared to the week before, but corn and soybeans were down.
Corn contracts for September 2015 clocked in at $3.6975/bushel, a fall from the previous week’s $3.7175/bushel. December 2015 corn was $3.805/bushel, a decrease from $3.8225/bushel in the previous period, and corn for March 2016 was $3.915/bushel, down from $3.93/bushel reported last.
The November 2015 soybean price fell to $9.4325/bushel from $9.4925/bushel a week earlier. Beans for January 2016 were $9.48/bushel, a decrease from the last-reported $9.5375/bushel, and March 2016 soybeans were posted at $9.4375/bushel.
Wheat for September 2015 was $5.07/bushel, up from the previous period’s $4.9775/bushel, and December 2015 wheat was $5.1125/bushel, higher than $5.0525/bushel at the previous report. Contracts for July 2016 wheat were listed at $5.2625/bushel, above the $5.1925/bushel they traded at the week before.
Eastern Cornbelt: Most of the Eastern Cornbelt enjoyed sunshine during the first days of August, although severe thunderstorms hit northern and central Illinois on Aug. 2, causing widespread power outages.
The drier weather benefitted corn and soybeans in the region, but crop development continued to lag just slightly behind the average pace due to cool, wet weather conditions during the early growing season. “The early crops look better, the later crops need to catch up,” said one source.
USDA assigned good or excellent ratings to 56 percent of the Illinois corn crop last week, compared with 46-47 percent in Indiana and Ohio. The regional soybean crop saw a similar spread, with 50 percent of the Illinois crop rated as good or excellent, compared with 43 percent in Indiana and Ohio.
Western Cornbelt: A band of strong thunderstorms produced at least one tornado in Iowa on Aug. 2, and also caused strong winds that damaged crops in some locations.
Despite the areas of severe weather, sources reported generally improving crop conditions in the region last week. “It’s drier now, and crops look pretty good,” said one Iowa contact. “Some of the double-crop soybeans don’t look so great, but cotton is finally getting the heat it needs and is looking good,” added a Missouri source. “Corn looks really good in our area.”
USDA assigned good or excellent ratings to fully 83 percent of Iowa’s corn crop last week, compared with 75 percent in Nebraska and 52 percent in Missouri. The variance in soybean conditions was even more pronounced, with good or excellent ratings assigned to 73-79 percent of the acreage in Nebraska and Iowa, compared with just 29 percent in Missouri. Missouri’s cotton crop was 36 percent good or excellent as of Aug. 2.
Northern Plains: Some early harvest activity was underway in the Northern Plains in early August, with combines moving on spring wheat, peas, and barley. South Dakota growers were also well advanced on the winter wheat harvest and oats harvest, but wet weather was threatening to slow the pace as the week advanced.
The spring wheat harvest was 24 percent complete in South Dakota and 5 percent in Minnesota, with good or excellent ratings assigned to 79-81 percent of the acreage in Minnesota and North Dakota, compared with 62 percent in South Dakota. Barley rated as good or excellent covered 64 percent of the acreage in Minnesota and 82 percent in North Dakota.
The region’s corn and soybean crops continued to benefit from ideal growing conditions, with good or excellent ratings assigned to 76-87 percent of the acreage last week.
Northeast: Strong thunderstorms left more than 150,000 residents without power in southern New England on A