NW Service Area
NE Service Area
SW Service Area
SE Service Area

Southwest of Storm Lake

08-02-2023
Past Weeks Rainfall Spotty and very limited; however, heavy rains this morning north of Omaha.
Soil Moisture Dry, July 27 Drought Monitor shows Severe to Extreme drought across entire area.
Temperature Highs in the mid 80's to low 90's. Lows in the 60's.
Crop Progress Normal

Corn

Crop Stage Corn pollinated well and is now in the grain fill stages
Yield Potential Likely below trend line

Corn Market

Current Prices $5.67
Fall Prices – October 2023 $4.62
Past Weeks Trend Lower

Soybeans

Crop Stage Flowering & podding
Yield Potential Trend line or below

Soybean Market

Current Prices $13.24
Fall Prices – October 2023 $12.54
Past Weeks Trend Lower
Comments:
The first three weeks of July provided moderate temperatures and ideal (although dry) conditions for corn pollination. I have done only limited post-pollination scouting so far but am finding most ears to be well pollinated. Yield potential at this point depends on the ability of each plant to fill out each kernel, and that depends on moderate heat and adequate rainfall. Fertility and fungicide applications have been made, now it is in Mother Nature's hands to finish the race.

Soybeans are similar condition as corn, although being even more dependent on August weather, their yield potential is good but too early to determine. It is unlikely we will see very many fields attain record yields in this territory, but certainly good yields can be attained.

Corn and bean prices staged a mid-July rally, which is fairly common, but have tailed off in the past week. That is also pretty common for later in the summer. The market thinks they have crop size figured out, so figure they can start taking crop size out of the risk equation. USDA's next monthly report (next week) will likely decrease yield expectations, but that is already being priced into the current market. If yields come in either above or below the "range of estimates", prices will adjust accordingly. After that, the Pro Farmer Crop Tour becomes the focus in mid to late August.

Land values are basically holding steady at strong values, a little lower than a year ago and not posting new highs, but still very strong outcomes in most cases.

Hope you have or will take a summer vacation!

Dennis Reyman AFM, ARA

Dennis Reyman AFM, ARA
Email Author

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