The weather for this growing season almost seems to mirror the story of Goldilocks and the three bears , as we had weather that has been either too hot, or too cold, too wet or too dry and very little weather conditions that have been just right!
Crops continue to lag behind the norm and the gap in development between early and late planted corn is widening. Results from the Midwest Pro Farmers Tour seem to confirm that we will need adequate precipitation and a late frost to allow the corn and soybean crop to fully mature. And it seems to be the sentiment of the market that may not happen, and that is why we have seen a huge rally in the corn and soybean markets over the past several trading days.
As for the condition of the crop just 59% of the nations corn crop is rated good to excellent, while 14% of the crop is now rated poor to very poor. Soybeans are not much better with 60% of the crop rated good to excellent and 15% poor to very poor.
Here in Wisconsin the progress of the crop is still lagging behind the five year average. Only 40% of the corn crop is in the dough stage and just 5% of the crop has dented. For soybeans 91% are blooming and 75% setting pods. Despite recent rains 72% of our states top soil moisture is rated short to very short. And the lack of rain has stunted the 4th crop alfalfa.
The USDA is expected to provide their latest crop production figures early next month and it will be interesting to see if they do revise their production estimates downward.