Considerable rain in the past several weeks brought planting to a standstill but no one is complaining yet. Most areas seem to have a fully recharged soil profile or at least close to it. Rivers are now running bank full to flood stage in the lowest-lying floodplains. This drought started in August 2020 so it is good to see water again! A check from one local farm shows 8” received since March 1st compared to the 30-year average of 5.3”. That does not include last night’s rain which exceeded an inch.
Corn planting progress in Iowa is at 47% done compared to the five-year average of 52%. That difference is negligible. It is possible to cover 10-15% per day in good conditions so we are basically a half-day behind (as of Sunday).
Corn and bean prices have rallied nicely in the past week. That and more is needed. Corn prices have not yet quite recovered to the bids offered last fall. Beans are still about $1.40 per bushel less than last fall’s high. April to early July usually offers at least one price rally and we have the first one underway. Spec funds have been extremely short in their positions for both corn and beans. They have been lightening up on short positions in recent weeks and one would expect more of the same as we are now entering “weather” season for crop prices.
Pictured above is the Little Sioux River south of Washta, taken the morning of May 7th.
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