June 21, 2011

USDA reports ratings for Iowa's corn, soy

Iowa's corn and soy crop are given the rating of good to excellent for 84% and 82% of the respective crops, according to the USDA.

Iowa is ahead of the national crop ratings, which show 70% of corn good to excellent and 68% of the US soy crop good to excellent.

State climatologist Harry Hillaker said Iowa rainfall is running ahead of averages so far this year, noting "the statewide average precipitation was 1.50 inches while normal for the week is 1.11 inches. This was the eighth week out of the past 10 with greater than usual rainfall. Fortunately there were no areas of widespread heavy rainfall in the Iowa portion of the Missouri River watershed."

On the Chicago Board of Trade, Monday (Jun 20) corn futures closed up one-half cent per bushel to US$7 for July delivery and soy closed up three cents per bushel to US$13.35. Wheat was down 13 cents per bushel to US$6.59, continuing its unusual discount to corn.