Grain Futures: As of 4 p.m. on Aug. 13, corn, soybean, and wheat futures were all lower compared to the week before.
September 2015 corn was posted at $3.6375/bushel, down from $3.6975/bushel, while corn for December 2015 fell to $3.7525/bushel from the prior week’s $3.805/bushel. Contracts for March 2016 corn were $3.87/bushel, down from $3.915/bushel the week before.
Soybean prices for November 2015 were $9.27/bushel, down from $9.4325/bushel the week before. January 2016 soybeans slipped to $9.3275/bushel from the prior week’s $9.48/bushel, while March 2016 soybeans were reported at $9.32/bushel, a decrease from $9.4375/bushel one week earlier.
September 2015 wheat punched in at $5.0325/bushel, down from $5.07/bushel the week before, while December 2015 wheat contracts fell to $5.09/bushel from the previous week’s $5.1125/bushel. Wheat for July 2016 was $5.225/bushel, down from $5.2625/bushel the week before.
Eastern Cornbelt: Wet weather continued to slow the development of corn and soybeans in the region, with crop maturation trailing the average pace just slightly in all three states. Local reports said another round of storms brought heavy showers to central Indiana in early August.
Crop conditions changed little from last report. USDA on Aug. 9 assigned good or excellent ratings to 56 percent of the Illinois corn crop, compared with 46-47 percent in Indiana and Ohio. Soybeans in the good or excellent categories totaled 50 percent of the acreage in Illinois, compared with 44-45 percent in Ohio and Indiana.
Western Cornbelt: Crops in much of the Western Cornbelt continued to benefit from ample summer moisture in early August. Except for a few small patches of abnormally dry soil conditions, the region was completely drought-free as of Aug. 11.
For Missouri, however, the flooding and severe storms that occurred earlier in the growing season have taken a toll on many crops. A federal disaster declaration on Aug. 7 will make disaster funding available to residents in 68 Missouri counties after the state recorded its second wettest May through July period on record.
USDA’s weekly crop report on Aug. 9 illustrated clearly the effects of this excess moisture. Just 39 percent of Missouri’s cotton and 31 percent of the state’s soybeans were rated as good or excellent last week, compared with 73-79 of the soybean acreage in Iowa and Nebraska. While 51 percent of Missouri’s corn was rated as good or excellent last week, fully 77-83 percent of the corn acreage in Iowa and Nebraska fell into those two categories. Missouri’s sorghum crop was also trailing in quality, with 43 percent rated as good or excellent, compared with 71 percent in Nebraska.
Sources reported minimal changes to the region’s fertilizer markets last week, and minimal activity to test the market. One source noted that low commodity prices “have put a damper on farmer interest” in advance of the fall season. “If harvested acres come in short of predictions, then we should get some help on commodity prices,” he added.
Southern Plains: High heat was reported in Texas, Oklahoma, and New Mexico in early August, with temperatures lingering in the 90s for consecutive days in many locations. Kansas sources reported highs in the 80s with a “very nice profile of moisture in the fields.”
Most of the region remained drought-free last week, although abnormally dry to moderate drought conditions covered the western half of New Mexico. The region’s crops benefited from a wet spring and well-timed rains. “Soybeans look good, corn looks good, and grain sorghum – just keep the frost up north until early October,” said one source. “It looks like a gre