Farmers Had a Good Work Week Last Week

A warm and dry week of weather has helped Iowa’s corn and soybean crops. Between September 10th and 16th, there was no measurable rainfall at any of Iowa’s National Weather Service stations. Chad Hart, an associate professor of economics and grain markets specialist at Iowa State University, says farmers are thrilled with turnaround, after a very wet start to the month.

The new USDA crop report, issued Monday, shows 53-percent of Iowa’s corn is mature. That’s about a week ahead of the five-year average. Nearly three-fourths or 73% of the state’s corn crop is rated in good-to-excellent condition. Soybean fields are also maturing more than a week ahead of normal and three-quarters of those fields are in good-to-excellent condition. Last week, the USDA projected the nation’s corn production for 2018 at just over 14.8 billion bushels. The forecast for soybeans is 4.7 billion bushels.

The crop production report released last Wednesday led to a drop in corn prices. Hart says record yields tend to keep commodity prices down.

Hart said. The USDA project Iowa’s average corn yield at a record 206 bushels per acre, with an overall harvest of just over 2.6 billion bushels. Iowa’s soybeans are estimated to match the 2016 record of 60 bushels per acre. Iowa is project to harvest 590.4 million bushels of soybeans this year.