Northern Ag Network
posted on July 30, 2012 22:23 :: 904 Views
OMAHA (DTN) -- The downward path of corn and soybean condition ratings continued Monday with 48% of the nation's corn and 37% of the soybeans now rated poor to very poor.
Last week 45% of the corn was rated poor to very poor, compared to this week's 48%. Reports are streaming into the newsroom daily of dead and dying fields, fields being zeroed out for crop insurance purposes, fields being chopped for silage where possible. And in some cases, it's not.
"This report should be considered bullish," said DTN Analyst John Sanow. "The DTN Corn Condition Index continues to work towards par coming in at 8 points, below last week's 18 points and significantly below last year's 145 points," said DTN Analyst John Sanow. "There is no question USDA's current 146 bpa is overstated, however, those calling for a 130-plus bpa yield seem to have their glass more than half full if condition ratings are to be believed.
Last week 35% of the nation's soybeans were rated poor to very poor, compared to this week's 37%. Timely rains may help some soybean fields pull out of their tailspin. But with 55% of the crop reported in the pod setting stage this week more and more production is becoming susceptible to hot, dry weather during a critical development stage.
"This report should be considered bullish," Sanow said. "The DTN Soybean Condition Index dropped another 9 index points from last week to 43 points, continuing to run well below last year's 149 points when final yield settled at 41.5 bpa. The crop also is losing precious time to recover as 55% of the crop is reportedly setting pods, a full 20 percentage points above the 5-year average. And with the seven-day forecast calling for above average temperatures and little precipitation, it appears national yield could erode well below USDA's current 40.5 bpa estimate."
Spring wheat harvest advanced to 28% complete, compared to 12% last week and a 3% five-year average. Winter wheat harvest reached 85% complete, compared to 82% last week and an 81% average.
Posted by Haylie Shipp