Corn & Soy Crop Tour Reveals Concerns

August 30th, 2013

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Category: FeaturedWebinar, Grains, Oilseeds

(IngredientNews.com)The Corn & Soy annual crop tour, held by Doane’s Agricultural Reports, just wrapped up this month with the latest findings about production and yields. The highlights of that report were recently presented by International Food Products’ Chief Economist Stephen Nicholson and Bill Nelson, Chief Economist from Doane. Two main concerns surfaced following the tour across the Midwest and USDA crop reports: crop conditions and yields.

How is the Corn Crop Condition?

Corn ear populations per acre rose this year to about 31,000, while in 2012, it reached only 27,000 – 28,000. Corn in East Central Illinois into the West Central Indiana had some of the best yield potential found on the tour at 170-200 bushels.

Corn yields for 2013 reached just less than 180 bushels per acre, a significant difference from 2012’s 120 bushels per acre. After evaluating corn harvests from across each of these states, the price outlook for 2013-2014 will be about $4.75 bushel.

Soybean Crop Planted Too Late for Good Yields?

Northwestern Iowa and most of Illinois contained healthy soy crops, while parts of South Minnesota (Iowa border) had large flooded areas of corn fields replanted to soybeans. North Central Iowa was not in best standing with an estimated 40% of soybeans observed in the north central crop district rated poor to very poor.

Even though soybean crops were planted a little late, weather has been a little dry and vegetative growth is not quite normal, there is still time to make good yields. The forecast assessed about 48.33 bushels per acre for soybean yields in 2013, compared to a lower 37.99 bushels per acre for 2012 soybean yields. After soybean evaluation on the tour, the price outlook for 2013 to 2014 will be approximately $11.25 per bushel.

For more information on the crop tour, check out the full report from International Food Products’ August webinar Corn & Soy Crops: Late Start, Buy Smart. International Food Products’ next monthly webinar is  Vegetable Oils: A Roller Coaster, where experts will discuss the volatility of the crop and how it affects buys. If would like to read more market updates, sign up for International Food Products’ Daily Market Report.

 

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