It's been another up-and-down week for the grain markets, as factors like rainfall running through the Corn Belt and possible export interruptions abroad helped the bears on Wednesday after several days of continued bearish prices due to continued speculation that this year's crop is shaping up to be a bin-buster.
Still, there was speculation this week that it's likely too early to count on a monster crop this fall, with reason to believe the extended dry spell of the last few weeks may have inflicted a little more crop damage than earlier estimates indicate.
On the agronomy front this week, a couple of big stories have arisen (besides weather speculation): First, soybean aphids are popping up in some Corn Belt soybean fields. Though they've yet to reach typical treatment thresholds, agronomists say if you have even a few in your fields, it's time to scout closely and be ready to treat in the next few weeks.
Speaking of treatment, if you're looking to knock down weeds in your fields, now may not be the best time to put down herbicide. "Although it is human instinct to try and spray something and do something about the tall, ugly weeds in our fields, we may be better off not spraying and not selecting for resistant biotypes," one weed scientist said this week.
Then, on the farm policy front, a federal official said this week that ethanol blending levels in the Renewable Fuels Standard (RFS) are currently being nailed down, and officials hope to "get it out the door as soon as possible." That process could be impeded, however, by potential courtroom challenges, possibly from the biofuels industry.
Finally, out on your place, what's your preferred wave when you meet a neighbor on the road? The single index finger? The hat tip? Check out what the rest of the ag crowd says, and add your wave to the chat!
See it all here!
Don't Bank on a Bin-Buster Just Yet -- Agronomist
Though the marketplace and much of the agronomy community have their sights set on a bin-buster of a corn crop this year because of largely positive crop weather, one agronomist said recently a monster crop may not be a foregone conclusion just yet. June saw about average rainfall, but July was fairly dry across many points in the nation's center, like Bill Wiebold's state of Missouri.
Rains to Boost Corn & Soybeans, Slow Wheat Harvest
Looks like it wasn’t quite enough to quench the drought, but rain systems moving in next week may be just what the farmer ordered. This system could give most of the corn and bean belt a drink.“ There’s still hope on the horizon for a final burst to give corn and soybeans the hydration they need ...
USDA: Corn Ratings Drop
DES MOINES, Iowa (Agriculture.com)--The U.S. corn ratings dropped from a week ago, while the soybean crop conditions remain the same, the USDA says. corn crop good/excellent condition at 73%, two percentage points below a week ago. The amount of the crop in the silking stage is at 90% vs. a 88% five-year average.
Wheat Prices Shoot Higher, Corn Up Too
DES MOINES, Iowa (Agriculture.com)--On Wednesday, the CME Group's corn, soybean and wheat markets trade mostly higher. At the open, the Dec. corn futures are trading 3/4 cents lower at $3.68. soybean futures are trading 3 3/4 cents lower at $10.61.Sep. soyoil futures opened $0.02 lower at $35.85.In the outside markets, the NYMEX Brent crude oil is $0.17 per barrel lower, the dollar is higher and the Dow Jones Industrials are 21 points lower.
Corn, Soybeans, Wheat Seen Falling Thursday
On Thursday, the CME Group's corn, soybean, and wheat markets are expected to start lower. The early calls for the commodities on Thursday, August 7, 2014, are mostly weaker. Corn is seen opening 1 to 2 cents lower, soybeans 1 to 2 cents lower, and wheat 4 to 5 cents lower. corn futures contract traded 3 cents lower at $3.71 per bushel.
Time To Lift Soybean Hedges For Profits
It was a week which had little precip across the corn belt last week, but still yield models for corn and soybeans were about steady in spite of the lack of rain, with corn conditions down just 1% G/E ratings and soybeans steady. That does mean that conditions no longer are improving for corn ...
EPA Bracing for RFS Lawsuit
An official with the Environmental Protection Agency told members of the American Coalition for Ethanol Tuesday that EPA is still working on the final 2014 blending levels that will be mandated under the Renewable Fuel Standard. EPA's proposed rule released last November drew strong opposition ...
Late-Season Herbicide Applications May Be Ineffective
If you have weeds growing in your fields, at this point in the growing season, herbicide applications may not be your best option."The majority of weeds in corn and soybean fields are much higher than the ideal 4-8-inch height, and herbicide applications are only going to provide marginal ...
How Did Your Corn Planter Perform?
The simple act of placing seed in the soil is not so simple anymore. Today’s planters have a bevy of accessories to help farmers improve their chances of getting the crop off to a good start. Still, it all boils down to seed placement.