Iowa's 2011 corn and soy receive good ratings

Iowa's newly-grown corn is given the rating of 81% good to excellent and 79% for soy, according to the USDA on Monday (Jun 6) in the maiden ratings of 2011 crop conditions.

The USDA also said corn planting matches the averages in most Corn Belt states except for Ohio, where wet weather has prevented more than 40% of the crop from being planted. Ninety-eight percent of the corn crop is planted nationwide.

The possibility of flooding along the Missouri River has yet to impact corn prices, which fell US$0.22 per bushel Monday to US$7.32 for the July contract. Soy was down US$0.31 per bushel to US$13.83 for July delivery.

Arlan Suderman of Farm Futures Magazine said the commodity markets are not yet concerned about the Missouri River flooding.

Iowa so far has avoided the weather problems that have plagued farmers in Indiana and Ohio, as well as in flood-stricken areas.

Suderman said a more immediate concern in the commodity markets is the perception that corn and soy exports may lag in the face of near-record prices.

"Exports make up just 14% of total demand this year, but they are reported with much greater frequency than is domestic demand, which remains relatively solid to this point," he said.

Warmer weather prompted crop growth. Nearly all of Iowa's corn is planted, and 78% of the soy crop is in. South central Iowa soy planting progress remains behind, with 76% planted.

The 21% excellent rating on Iowa's corn crop is the best in the nation, ahead of 14% in Illinois, 7% in Nebraska, 8% in Missouri and 9% in Indiana.

Ninety-six percent of Iowa's corn has emerged, compared with 79% for the rest of the nation