Jun 29, 2022
Good/Excellent Ratings for U.S. Corn and Soybeans Decline 3%
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Corn - The 2022 U.S. corn yield was left unchanged this week at 177.0 million tons and I have a neutral to lower bias going forward. The rating of the 2022 U.S. corn crop declined 3 points last week to 67% rated good/excellent. Corn silking is 4% compared to 4% last year and 4% average.
There was rain over the weekend in some of the dryer areas of central and northwestern Illinois. Dryer weather is expected this week across the central, southern, and eastern Midwest which will allow moisture shortages and stress to redevelop for corn and soybeans. The 6-10 day forecast is calling for improved chances of rainfall across the Midwest.
There was just enough rain over the weekend and in the forecast for me to keep the corn yield unchanged, at least for this week. There are still concerns about developing dryness in the southern Corn Belt, the mid-south, and the southeastern U.S. The states with the highest soil moisture are in the northwestern Corn Belt and the states with the lowest soil moisture are generally in the mid-South.
Pollination is already underway across the southern areas of the U.S. and it is estimated that pollination nationwide will reach 50% on July 20th, which is a few days later than normal. By state, pollination should reach 50% in Kansas on July 15, Illinois July 16, Nebraska July 17, Missouri July 18, Indiana July 18, Iowa July 19, Ohio July 20, Wisconsin July 22, Michigan July 23, South Dakota July 24, Minnesota July 27, and North Dakota August 2.
Soybeans - The 2022 U.S. soybean yield was left unchanged this week at 51.5 bu/ac and I have a neutral to lower bias going forward. The rating of the 2022 U.S. soybean crop declined 3 points last week to 65% rated good/excellent. The soybean emergence is 91% compared to 95% last year and 91% average. Soybean blooming is 7% compared to 13% last year and 11% average.
Even though there are dryness concerns in various regions, I feel it is too early to start reducing the nationwide soybean yield, although I have a neutral to lower bias going forward. Soybean growth has been slower than normal thus far, but soybeans can have a rough June and then respond favorably to improved weather in July and August.