Crop Conditions

Good looking crops almost everywhere despite dry conditions. 2nd cutting alfalfa is slow to grow after the 1st cutting due to lack of rain. Post-emerge corn herbicide application is complete. Bean spraying is underway with good progress. No unusual pest problems at this time.

Grain markets tanked after mid-May. Spec funds were very long by mid-May but quickly unloaded positions after the China meetings. Weather is now the main story for the next 30-60 days. Corn prices neared harvest lows before staging a small recovery. Bean prices remain in the upper end of the post-harvest range although now well under the high. The current bid is at the 75% percentile of the post-harvest range. Corn is at the 30% percentile of the range.

Land auction activity is resuming. Sale results have been stead with values seen last winter. We expect average sale volume for the balance of the summer.