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July 27, 2010
GENERAL
COMMENTS
Market news has been somewhat lacking the past week or so and higher
price movement has begun to waiver. Corn and soybeans are seemingly beginning
to enter their seasonal downturn patterns after three weeks rallying.
Crop progress remains ahead of normal and the La Nina weather pattern
that was expected to bring dry conditions has not developed as such. Many
analysts are still predicting that dry conditions could happen in August and
September…hopefully, the crops will be far enough developed that they won't
be affected.
I have heard some concern with corn pollination and some ears are not
fully developing. Weather has been almost ideal across the corn belt, so this
is very surprising!
CORN
The corn crop is
reported as 72% good to excellent, which is the same as last year. 84% of the
crop is reported as silking versus 70% one year ago. 17% of the crop is in
the dough stage versus a 13% five-year average.
USDA projected
corn price range is $3.45 - $4.05 per bushel.
USDA projected
grain sorghum price range is $3.15 - $3.75 per bushel.
Crop Insurance
Revenue Base Price for corn (most states) is $3.99 per bushel.
Crop Insurance Revenue
Base Price for grain sorghum (most states) is $3.90 per bushel.
SOYBEANS
Soybean crop
condition is reported at 67% good to excellent, same as last week. The crop
is progressing ahead of normal with 35% setting pods versus a 31% five-year
average. 75% of the soybean crop is reported as blooming.
USDA projected
soybean price is $8.10 - $9.60 per bushel.
Crop Insurance
Revenue Base Price for soybeans (most states) is $9.23 per bushel.
WHEAT
Spring wheat crop
condition is very good at 83% good to excellent. Yields are expected to be
very high, but protein content is a concern. The winter wheat crop protein
was less than normal this year.
Winter wheat harvest is reported at 79% complete.
USDA projected
wheat price was raised last week to $4.20 to $5.00 per bushel.
Crop Insurance
Revenue Base Price for wheat (most states) is $5.42 per bushel.
COTTON AND RICE
The cotton crop
is reported as 58% good to excellent with 58% of the crop setting bolls
compared to 48% last year. Only 8% of the crop is reported as poor to very
poor.
USDA projected
cotton price was unchanged at 60.0 to 74.0 cents per pound. Crop Insurance
Revenue Base Price for cotton (most states) is 72 cents per pound.
Rice crop
condition is reported at 73% good to excellent, which is 2% lower than last
week.
USDA projected long
grain rice price was lowered to $9.00 - $10.00 per cwt.
USDA projected medium/short
grain rice was raised to $17.00 - $18.00 per cwt. Crop Insurance Revenue
Base Price for rice is 14 cents per pound.
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