From The Field Updates: August 7, 2019

Nelson Graham from the field

We have been busy with aerial applications of fungicide on corn this past week. Corn burst out with full tassle on most fields during the week, so timing seems just right for this application. Fungicide applied on corn from tassle to brown silk stage should give the best significant yield boost plus improved plant health for better harvesting.

aerial application

Final post sprays on beans may be called for cleaning up weed pressure. The new genetics of soybeans will really help for 2020 for increased options for controlling tough weeds like water hemp and others. Hard to believe, but an early order of seed for these traits is due now to assure access to limited supply of new seed.

Wheat yields have been overall good, especially where late fungicides were applied. Yield increases of 10 bu/a over untreated wheat have been reported by growers in Dane County.

Alfalfa fields should be scouted for potato leaf hopper, which is present in most fields. These insects can reduce stand yield, quality and weaken stands.

Grain Exchange Update: August 6, 2019

Grain exchange

Grain markets are riding a turbulent wave with weather and Trade War with China the main focus.  Ag markets are taking a hit after the Trump Administration announced new tariffs on China.  China retaliated by asking its state-owned enterprises to suspend importing U.S. agricultural products.  Weather is mixed with stress areas at 25% of Midwest and predicting normal to below normal temperatures the next two weeks.

August 12th could prove to be an interesting USDA Crop Production and World Agricultural Supply and Demand Estimates report day.  The August report will include resurveying planted acres announced in June using satellite data and for the first time ever, FSA acreage certification information.

Corn is trading slightly lower this morning.  Crop ratings declined slightly over the last week and remained the lowest rating for this week since 2012.  Corn silking at 78% is 10 days behind the average.  Look for choppy trade ahead of the August 12th USDA report.

Soybeans are unchanged.  Weather maps are differing on forecasted rain amounts the next 10 days.  So far rain has been lighter and more scattered than predicted.  IEG released it’s forecast for crop production.  They are predicting soybean yield at 48.2 bushels per acre, which is 3.4 bushels below last year.  The soybean crop was decreased to 3823 million bushels which would be 721 million below last year’s record.

Wheat is currently down.  The U.S. crop was increased to 1934 million bushels which is close to July’s forecast of 1921 million.  EU wheat production was lowered again, which could result in higher U.S. exports.

With all the volatility in the markets keep talking to your Grain Marketing Specialist to finalize old crop sales and pricing new crop.  Make sure to get offers in ahead of the August 12th report.

Have a Super day!

Judy Uhlenhake

Grain Exchange Update: August 1, 2019

Grain exchange

It’s the first day of August, and the markets certainly aren’t celebrating. Markets continue their downward trend today with what has been reported as favorable pollination conditions encouraging the funds to sell off their long positions. Weather forecasts are showing that dry parts of the Midwest should see some rain late next week. Both the 6-10 and 8-14 day forecasts are showing below normal temperatures and above normal precipitation. While trade seems to think the weather is favorable for higher yields, farmers from across the country aren’t so optimistic.

Soybeans are also softer this morning as well. Open interest in beans was up 4,000 contracts yesterday, however, exports this morning were in line with trade expectations. Basis on river beans remains soft as high waters are impacting the flow of barge traffic in Memphis, Vicksburg and Baton Rouge. Flooding remains to be a problem for grain producers and elevators across the country. Approximately 650,000 bushels of beans started on fire near Rock Port, Missouri after flood waters caused a bean pile to rot and combust.

Local producers are continuing to get wheat off the fields this week. New crop wheat exports this morning were at the lower end of trade expectations. Actual sales came in at 383 thousand tons vs a trade estimate range of 300-600 thousand tons. Corn exports were lower than expected with 143 thousand tons of old crop corn and 129.6 thousand tons of new crop corn. Bean exports were at 143.1 thousand tons of new crop and 305.5 thousand tons of new crop.

Have a wonderful day!

Katie Demrow