Weather and Market Commentary- Tuesday, June 2
June 2, 2009 by sabrina829
Tuesday, June 2, 2009:
If one uses the acreage data released by the USDA back on March 31, planting progress numbers released this past Monday would suggest that there was still over 3.75 million acres of corn left to plant in Illinois, Indiana, and Ohio at the end of May, or about three million more than “normal” (as would be suggested by the five-year average planting pace for those states). The corn market will now have to decide how much of that unplanted acreage will actually stay in corn, and how much will be switched to soybeans. Any acreage switching that is seen will simply “pile on” to the big amount of soybeans that is still left to be planted; two-thirds of Illinois’s soybean crop had not been planted as of this past Sunday, with at least half of the crop still not planted in Arkansas, Indiana, Kentucky, Missouri and Tennessee. It looks like farmers in those states will struggle to see big “windows” of opportunity to get fieldwork done over the next ten days to two weeks. Rains will cover that area for today/tomorrow, then about three or four days of largely dry weather before rain moves in over the second half of the weekend.
Next week looks active (i.e. wet), with the likelihood that several weather systems may target the southern/eastern Corn Belt with the biggest rainfall amounts and the best coverage. Given the problems that many farmers have had all spring long with too much rain, clearly one had to be impressed with the crop ratings numbers given to the young U.S. corn crop on Monday. At 70 percent good to excellent, the crop was rated well above last year’s initial 63 percent good/excellent rating. The corn crop of 2007 was rated at 78 percent good-to-excellent in late May; other than that year, one has to go all the way back to 1999 to find a U.S. corn crop rated above 70 percent good to excellent at the end of May. Leading the way to higher ratings for this year’s crop is clearly Nebraska, where the crop was rated at a glossy 89 percent good/excellent despite very dry conditions there in May. If we can get that crop some rain (and it looks like we will before the middle of June), it looks like Nebraska’s corn yield potential could be enormous.
Freese-Notis Weather/Weather Trades, Inc. Des Moines, Iowa Copyright 2009 – All Rights Reserved
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Weather and Market Commentary- Tuesday, June 2
June 2, 2009 by sabrina829
Tuesday, June 2, 2009:
If one uses the acreage data released by the USDA back on March 31, planting progress numbers released this past Monday would suggest that there was still over 3.75 million acres of corn left to plant in Illinois, Indiana, and Ohio at the end of May, or about three million more than “normal” (as would be suggested by the five-year average planting pace for those states). The corn market will now have to decide how much of that unplanted acreage will actually stay in corn, and how much will be switched to soybeans. Any acreage switching that is seen will simply “pile on” to the big amount of soybeans that is still left to be planted; two-thirds of Illinois’s soybean crop had not been planted as of this past Sunday, with at least half of the crop still not planted in Arkansas, Indiana, Kentucky, Missouri and Tennessee. It looks like farmers in those states will struggle to see big “windows” of opportunity to get fieldwork done over the next ten days to two weeks. Rains will cover that area for today/tomorrow, then about three or four days of largely dry weather before rain moves in over the second half of the weekend.
Next week looks active (i.e. wet), with the likelihood that several weather systems may target the southern/eastern Corn Belt with the biggest rainfall amounts and the best coverage. Given the problems that many farmers have had all spring long with too much rain, clearly one had to be impressed with the crop ratings numbers given to the young U.S. corn crop on Monday. At 70 percent good to excellent, the crop was rated well above last year’s initial 63 percent good/excellent rating. The corn crop of 2007 was rated at 78 percent good-to-excellent in late May; other than that year, one has to go all the way back to 1999 to find a U.S. corn crop rated above 70 percent good to excellent at the end of May. Leading the way to higher ratings for this year’s crop is clearly Nebraska, where the crop was rated at a glossy 89 percent good/excellent despite very dry conditions there in May. If we can get that crop some rain (and it looks like we will before the middle of June), it looks like Nebraska’s corn yield potential could be enormous.
Freese-Notis Weather/Weather Trades, Inc. Des Moines, Iowa Copyright 2009 – All Rights Reserved
To Return to Fastline.com- Click Here
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