Southwest Iowa Crop Conditions

Most corn looks good, but not much rates “great” so far. That will likely change as it moves past the “ugly” phase which is common around late May. Root establishment appears to be good and is one benefit of early dry weather, as roots stretch down for moisture. My next report may rave about the great looking corn around the region! A few soybean fields were slow or uneven to emerge but rainfall got everything up and going in good shape. Most bean fields look quite good at this early phase. Post-emergence corn spraying for broadleaf weeds is underway and nearing the end. Soybean spraying is underway. 1st cutting alfalfa is reported to be 50% done, but by appearance most has been cut for the first time.

Grain prices continue to trade a stale pace. June is often a time when prices show their best strength in response to production concerns. With good planting pace, the only concerns about delayed planting are in Ohio and Pennsylvania, which is not huge acreage in the big picture. Mid-summer heat and drought will be the next concerns.

We looked back at the past 17 years of corn prices in June. 5 years were nearly steady, 5 years improved by 3-9% and 6 years improved by 10% or more at some point during the month. Obviously, a rally is not guaranteed but June is historically the best pricing month of the year.