Indiana corn was rated at 81% good to excellent in this week’s USDA crop update report. Soybeans were put at 71% good to excellent. This is due to the abundant amount of moisture Indiana had in June, along with cooler than normal temperatures. But, it is a much different story in the Western Corn Belt. Only about half of the Iowa corn crop in rated as good to excellent. And, last week was a very dry week according to Greg Thessen with the National Ag Statistics office in Iowa, “Iowa recorded its driest week since April with most locations receiving no rainfall.” Statewide rainfall last week averaged 4/100 of an inch which led to a decline in the state’s soil moisture ratings.
Scott Keller with the NASS office in Nebraska says it is also very dry in the Cornhusker State, and the crops are beginning to show the stress, “Dryland crops in the western part of the state are showing signs of stress.” He added that the return of warmer than normal conditions late in the week also put stress on developing crops. Similar reports can be found in parts of Kansas, Missouri, and the Dakotas.
Part of the strength we are seeing in futures market is due to a realization that the crops in the Western Corn Belt are in far worse shape than crops here in the East.