Weather and Market Commentary: August 31, 2010
August 31, 2010 by sabrina829
Tuesday, August 31, 2010:
With crops typically “looking” worse this time of year as they head towards maturity, with increased reports last week of Goss’s Wilt (corn) and Sudden Death Syndrome (soybeans), with dry and rather hot weather seen last week over much of the Midwest and Delta, and with many of the early harvested yield reports for corn coming in rather disappointing, one would have thought that everything was in line for a good amount of deterioration in corn and soybean ratings this week. Thus, steady ratings for soybeans and just a minimal deterioration in corn ratings was a surprise and will be used as a reason to explain overnight losses in those markets. In corn, the top five producing states of Iowa, Illinois, Nebraska, Minnesota, and Indiana did not see a great deal of movement in their ratings last week. The Minnesota crop continues to be the “shining star” with a rating this week at a lofty 91 percent good/excellent (40 percent in the “excellent” category alone). The national crop is rated a little better than a year ago and is now tied with 2004 as having the highest rating for this time of year since 1994 (when the corn crop was rated near 80 percent good/excellent and went on to establish a new national yield record). The weather as of late continues to push the crop quickly towards maturity, with 17 percent of the national crop mature as of this past Sunday (already one-third of the crop or more mature in Illinois, Kansas, and Missouri). For the soybeans, the lack of movement in national soybean ratings was matched by little in the way of big movement in individual state ratings as well. The national crop is still rated worse than a year ago, but other than 2009 it is the highest rated crop since 1998 for this time of year. Already eight percent of the Nation’s soybean crop is dropping leaves, with more than ten percent of the crop at that stage in Indiana and South Dakota. Warm near-term temperatures and big warmth again forecast for September 7 through September 14 (at least) means that we will continue to push this year’s crops quickly towards maturity and means that we are not going to be trading any sort of “early frost fear” this year. Crops in the central and western Corn Belt will get a very nice near-term drink (maybe too much in some spots), but far southeastern parts of the Corn Belt still look to be getting very little (continuing a trend that produced one of the driest Augusts on record for parts of that area).
Freese-Notis Weather/Weather Trades, Inc. Des Moines, Iowa Copyright 2010 – All Rights Reserved
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Weather and Market Commentary: August 31, 2010
August 31, 2010 by sabrina829
Tuesday, August 31, 2010:
With crops typically “looking” worse this time of year as they head towards maturity, with increased reports last week of Goss’s Wilt (corn) and Sudden Death Syndrome (soybeans), with dry and rather hot weather seen last week over much of the Midwest and Delta, and with many of the early harvested yield reports for corn coming in rather disappointing, one would have thought that everything was in line for a good amount of deterioration in corn and soybean ratings this week. Thus, steady ratings for soybeans and just a minimal deterioration in corn ratings was a surprise and will be used as a reason to explain overnight losses in those markets. In corn, the top five producing states of Iowa, Illinois, Nebraska, Minnesota, and Indiana did not see a great deal of movement in their ratings last week. The Minnesota crop continues to be the “shining star” with a rating this week at a lofty 91 percent good/excellent (40 percent in the “excellent” category alone). The national crop is rated a little better than a year ago and is now tied with 2004 as having the highest rating for this time of year since 1994 (when the corn crop was rated near 80 percent good/excellent and went on to establish a new national yield record). The weather as of late continues to push the crop quickly towards maturity, with 17 percent of the national crop mature as of this past Sunday (already one-third of the crop or more mature in Illinois, Kansas, and Missouri). For the soybeans, the lack of movement in national soybean ratings was matched by little in the way of big movement in individual state ratings as well. The national crop is still rated worse than a year ago, but other than 2009 it is the highest rated crop since 1998 for this time of year. Already eight percent of the Nation’s soybean crop is dropping leaves, with more than ten percent of the crop at that stage in Indiana and South Dakota. Warm near-term temperatures and big warmth again forecast for September 7 through September 14 (at least) means that we will continue to push this year’s crops quickly towards maturity and means that we are not going to be trading any sort of “early frost fear” this year. Crops in the central and western Corn Belt will get a very nice near-term drink (maybe too much in some spots), but far southeastern parts of the Corn Belt still look to be getting very little (continuing a trend that produced one of the driest Augusts on record for parts of that area).
Freese-Notis Weather/Weather Trades, Inc. Des Moines, Iowa Copyright 2010 – All Rights Reserved
For Previous Fastline Blog Posts- Click Here
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