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Crop report

    Dry conditions and warming temps gave farmers more than six days good for fieldwork – but no moisture. According to the Iowa Crop Progress Report. planting is about wrapped up statewide. All of the corn is in the ground,with emergence at 96% – nine days ahead of the five year average. Iowa’s corn condition rated at 77% good to excellent..

  98% of soybeans are planted.. almost two weeks ahead of normal.. with emergence at 86 percent nine days ahead of the average.. with conditions rated at 73 percent good to excellent..

  Topsoil moisture levels are 49 short to very short.. with subsoil moisture at 46 percent short… and according to State Climatologist Justin Glisan.. water deficits continue..

“We’ve actually seen precipitation deficits over the last several months over good portions of the Midwest. The upper midwest.. especially the Dakotas so that’s where we’ve seen abnormally dry, that D-0 category, but also D-1 and D-2 persist across Iowa, but also expand north of us.”

  Glisan says there has been a seesaw of temperatures and rain.. by the end of may it was cooler and wetter.. causing emergence issues.. then two saturdays ago a freeze event damaged crops and caused some replanting.. But by June.. temperatures ramped up adding a dry pattern.. despite that.. he says there was a good planting window for farmers..

  Looking into the future.. it has been warmer.. but relative humidity is low.. meaning any moisture in the soil is used quickly.. even if that changes.. the weather looks warmer..

“Our outlooks into the middle of June do suggest that warm signal sticks around and coupled pretty tightly with that during the warm season is the dry signal. So there is an expectation we will see dryer conditions across the upper Midwest.”

A look at the markets

Grains are in the green – analyst Don Roose has more:

“The grain market is all about weather and you’re subject to weather forecasts that can change overnight and you can do 180’s on the forecast. The market has built in a lot of risk premium to the market for a dry forecast so that is the risk. The market is a bit stretched out for corn on these levels. Crops are getting smaller out here according to the crop ratings. The crop ratings on corn came in lower about what was expected. The first crop rating on soybeans, not as high as the trade thought. The cattle market is again just on hold this week, eight weeks in a row where we’re stuck between this 118-120 area the second week, the last two weeks of June typically are where the cash cattle market tries to find a floor so we’ll see how things go there, ity feels like the product is trying to top here retail reports are saying beef is starting to move a bit slower at these levels. The hogs just continue to push into contract highs in the July month. The cutout hit a level that was three dollars off of the all time high we put in 2014 when we had virus. The cash hogs right now are showing to sign of a top.”