Corn and soybean condition ratings showed little change this week in the 18 states USDA reports or in the states served by Farm Credit Services of America (FCSAmerica). South Dakota showed a one-point improvement in corn condition at each end of the spectrum and one point on the top end in soybeans. Iowa saw a one point drop in soybeans on the high end.
More than half the corn crop is mature (53 percent; average is 48 percent), but only 9 percent has been harvested in the 18 states, slightly behind the 12 percent average for this date.
|
State
|
Good/Excellent (percent)
|
Poor/Very Poor (percent)
|
|
|
Sept. 18
|
Sept. 11
|
Sept. 18
|
Sept. 11
|
|
18 States
|
74
|
74
|
7
|
7
|
|
Iowa
|
83
|
83
|
4
|
4
|
|
Nebraska
|
74
|
74
|
6
|
6
|
|
South Dakota
|
53
|
52
|
17
|
18
|
Soybeans
Like corn, soybean maturity is slightly ahead of average, with 46 percent dropping leaves against an average 43 percent. Harvest pace is one point behind the 5 percent average.
|
State
|
Good/Excellent (percent)
|
Poor/Very Poor (percent)
|
|
|
Sept. 18
|
Sept. 11
|
Sept. 18
|
Sept. 11
|
|
18 States
|
73
|
73
|
7
|
7
|
|
Iowa
|
81
|
82
|
4
|
4
|
|
Nebraska
|
77
|
77
|
4
|
4
|
|
South Dakota
|
61
|
60
|
13
|
13
|
Harvest hasn’t made much headway in the states listed here – it’s in the 2 percent range. But producers are turning thoughts to tuning up the combines and the most efficient ways to move this year’s big harvest.
Markets are holding up – albeit at a comparatively low level – considering the general lack of worry about the crop at this stage. While heavy old-crop supplies have suppressed the early-harvest premiums often seen in the southeast, river basis levels have held up surprisingly well, according to Katie Hancock, a farmer and marketing consultant based in southeast Kentucky.
Many marketing advisors are recommending storing corn because the market offers “carry” – better prices in the future. The key is to make a plan to lock in the carry and move the rest. Hancock already has half the production from her farm sold at higher levels, and plans to dribble out sales on the other half, wrapping up by summer. Wait too long and the market will anticipate a wave of selling as producers clear bins for the 2017 harvest. Soybeans, on the other hand, are offering little incentive to store at this time.
