Persistent rainfall across major crop growing areas of the U.S. has caused some farmers to raise concern about the development of their crop. Corn and soybean conditions declined from last week, while their emergence estimates increased. Winter wheat harvesting has been slowed by significant rains and flooding in the southern plains.
Temperatures have increased in the Midwest through June, but the continuous rain has delayed farmers from spraying pesticides. Many are concerned that the delay in spraying will increase weed pressure and the continued wet conditions will increase the likelihood of disease. The next six weeks is the most crucial growth period for the 2015 corn and soybean crop.
The USDA estimated corn emergence at 97% across the U.S. as of June 14th, a 6% increase from the prior week and 2% ahead of the five year average. Of the five largest corn producing states in the U.S., Illinois and Nebraska reported the highest level of emergence at 100%, followed by Minnesota at 99%.
Corn crop conditions were reported at 73% as “Excellent” or “Good,” a 1% decrease from last week and a 3% decrease from last year. 22% of the crop was reported as “Fair,” unchanged from last week, but a 2% increase from last year, while only 5% was rated as “Poor” or “Very Poor”.
The soybean crop was reported 87% planted, an 8% increase from last week, but 3% behind the five-year average. Of the five largest soybean producing states, Minnesota has reported the highest level of completion at 99%, followed by Indiana and Iowa at 93%. Farmers have struggled completing the 2015 planting season as wet weather has persisted for the past month.
Soybean emergence was reported at 75%, an 11% increase from last week, but 2% behind the five-year average. Of the five largest soybean producing states, Minnesota reported the most emergence at 94%, followed by Illinois at 84%, and Indiana and Iowa at 83%. Missouri has only reported 28% of their soybeans emerged, less than half of their five-year average; excessive rains have slowed planting progress and provided less than ideal conditions for soybean growth.
The USDA estimated soybean crop condition at 67% “Excellent” or “Good,” a 2% decrease from last week, and 6% behind the five-year average. 27% of the crop was rated as “Fair,” a 1% increase from last week, while only 6% of the crop was rated as “Poor” or “Very Poor”. Farmers have raised concern over the excessive rain causing significant stress on the young plants.
Winter wheat harvested was reported at 11%, a 7% increase from last week, but 9% behind the five-year average. Heavy rains and flooding in southern growing areas have caused the harvest to be delayed.
The USDA estimated winter wheat conditions at 45% “Excellent” or “Good”, unchanged from last week, but a 13% increase from last year. 35% was rated “Fair”, a 2% decrease from last week. 22% was rated “Poor” or “Very Poor,” unchanged from last week, but a 22% decrease from last year.
Spring wheat conditions were reported at 70% “Excellent” or “Good,” a 1% increase from last week. 26% was rated “Fair,” unchanged from last week, and 4% was rated “Poor” or “Very Poor.”
July futures for corn closed the week at $3.48 per bushel, a 4.7% decrease from last week. July soybeans ended the week at $9.37, a 0.7% decrease from last week, and July wheat ended the week at $4.89, a 7.4% decrease from last week. Year-to-year corn prices are down 21.1%, soybeans are down 34.1%, and wheat is down 15.8%.