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Big this week: Crop worries & CDLs
This week saw farmers expressing major anxiety about this year's corn crop (as well as the shape of the cattle herd). That's not stopping many from looking ahead to next year, especially in view of some major macroeconomic shifts underway.
The week started out with a lot of farmers voicing concerns about their corn crop condition. A recent Agriculture.com poll shows over 1/3 of farmers responding say they've lost at least the top 30 bushels/acre off their corn yields so far.
- Talk: Prime Corn Belt weather woes
USDA released unchanged crop progress numbers this week, showing 60% of the corn crop is in good-to-excellent condition. But, many farmers are skeptical.
Though the 2011 crop isn't even out of the field yet, some farmers are already looking ahead to next year's crop and weighing how they'll handle their acreage.
- Talk: Corn acres for 2012
The drought's done more than drag down crop yields this year. Officials with the Federal Reserve Bank of Kansas City said this week the dry, hot weather has eaten away at farm incomes in the nation's midsection the first half of this year.
But, if you're raising your own feed and worried about getting one more cutting out of your hay crop, don't worry, says one official. A late-summer or early-fall cutting "when it's ready" could not only net you more feed going into winter, but also improve the crop's shape for next year.
A short crop this year isn't the only factor that could lend steam to a bullish corn market going into this fall. Demand from China could provide a lot of momentum for both the corn and soybean markets, a report this week shows.
Right or wrong? The markets are crazy these days, and it can be tough to keep up with it all, says Market Analyst and Nebraska farmer Roy Smith. Check out Roy's take on some of the macroeconomic factors affecting farm country.