Grain Futures: As of 4 p.m. on Aug. 27, corn, soybean, and wheat futures were all lower compared to the week before.
Corn contracts for September 2015 clocked in at $3.6375/bushel, down from the previous week’s $3.71/bushel. December 2015 corn fell to $3.75/bushel from the prior week’s $3.825/bushel, and corn for March 2016 was quoted at $3.8625/bushel, down from $3.9375/bushel the week before.
The November 2015 soybean price fell to $8.79/bushel from the previous week’s $9.0725/bushel. Soybeans for January 2016 were $8.8375/bushel, down from the last-reported $9.1175/bushel, while November 2016 soybeans were posted at $8.73/bushel.
Wheat for September 2015 was $4.8425/bushel, down from $5.0625/bushel the week before, and December 2015 wheat fell to $4.8975/bushel from the previous week’s $5.1125/bushel. Contracts for July 2016 wheat were listed at $5.0675/bushel, down from $5.1975/bushel at last report.
Eastern Cornbelt: Sources reported minimal activity in the Eastern Cornbelt in late August, with one regional contact describing new fertilizer sales as “few and far between.” Temperatures were reported in the upper 60s in Ohio at midweek due to a lingering cold front, but a return to more seasonal highs in the 80s was expected again by the coming weekend.
Ohio sources talked of dry field conditions in some parts of the state, and the Aug. 25 U.S. Drought Monitor labeled a portion of eastern Ohio as abnormally dry. Although some areas could use a rain, crop conditions in the region showed little change from recent weeks. Good or excellent ratings were assigned on Aug. to 52-56 percent of the corn and soybeans in Illinois, compared with 47 percent in Indiana and 44-46 percent in Ohio.
Western Cornbelt: Strong storms brought rain, hail, and hard winds to central Iowa again on Aug. 22, but the Western Cornbelt enjoyed mostly calm, dry weather in the days that followed.
Crop ratings were generally unchanged from last report. USDA on Aug. 23 assigned good or excellent ratings to 77-82 percent of Iowa’s corn and soybeans, compared with 74-77 percent in Nebraska, and 33-51 percent in Missouri.
Missouri’s cotton was 40 percent good or excellent last week, with 46 percent of the state’s sorghum and 63 percent of the rice rated in those two categories as well. As for sorghum, USDA rated 46 percent of Missouri’s acreage as good or excellent last week, compared with 73 percent in Nebraska.
Northern Plains: Sources said the Northern Plains was slowly returning to more seasonal temperatures last week after a powerful cold front gripped the region on Aug. 22-23. The system also brought wind advisories and a tornado watch for eastern areas of the Dakotas, and produced a strong line of thunderstorms in Minnesota on Aug. 22.
Corn and soybeans were in great shape in the region in late August, with one Minnesota source describing field conditions as “the best ever in this area.” That assessment was also supported by USDA, which assigned good or excellent ratings to fully 80-88 percent of the corn and soybeans in Minnesota on Aug. 23, compared with 73-77 percent in the Dakotas.
Growers were also focused on the small grains harvest, with progress tracking well ahead of the five-year average in all three states. USDA reported that 92 percent of Minnesota’s spring wheat, oats, and barley were in the bin by Aug. 23, while harvest progress in North Dakota ranged from 70-89 percent, depending on the crop. South Dakota growers had 86 percent of the spring wheat and 95 percent of the oats harvested by that date.
Great Lakes: The week began with below-normal temperatures in the 60s for much of the Great Lakes region, but highs were