Mixed news on corn, soybeans

Corn and soybean growth is progressing despite the rough weather early in the season, though corn acreage was found to be above trade expectations and market fell on Friday.

Posted: Jun 29, 2019 1:27 AM

NORA SPRINGS, Iowa - While we're baking in the heat, so are crops, including corn. And in some spots, it's meeting the old saying 'knee-high by the 4th of July.'

According to the latest USDA Crop Report for Iowa, 96% of the expected crop has emerged, despite being two weeks behind this time last year. In addition, the condition of the crop itself has improved to 62%. Nationwide, around 91.7 million bushels of corn have been planted (more than the average trade estimate of 86.7 million bushels), as well as 80 million acres of soybeans (down from the average estimate at 84.4 million).

However, corn took a hit in the stocks, with futures down 2% from the start of June. September corn futures finished 21 cents lower at $4.24 3/4, though August soybean futures closed 10 3/4 cents higher at $9.04 1/2, and November futures finished at 10 3/4 cents higher at $9.23.

Boyd Campbell grows corn and soybeans near Nora Springs and Rudd. Like many farmers, he's run into some issues with his crop. He adds that excessive heat can stress corn.

"We got conditions out here where a lot of this corn was mudded in and was wet. The roots don't grow, and if you get a lot of heat, it dries up, the ground turns to brick, and it won't absorb nutrients. This crop's got some issues."

The news about the drop in stocks, and the new planting acreage report, is also of concern.

"We have to trade this all the way through and find out where these preventive planting acres are or actually were. On the other hand, you got soybeans, four million acres less than anticipated. This report left things in the air much more than they naturally would've been."

Due to flooding and increment weather, the USDA says they will resurvey planting acreage in 14 states. Those results are expected to be released on August 12th.

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