United States Crop Report - July 20, 2012
Not much has changed in the past week - we need rain here in the US. All crops in the midwest continue to suffer from the drought. Although some rains have dropped significant levels in very confined pockets the overall soaking rains that the soil needs are still not happening. Some sections of the growing region have been legally ordered to halt irrigating. This is not widespread but a precedent has been set which will make it easier to apply to other growing areas. Beans are showing visible signs of heat stress as daily forecasted rains just dont arrive and heat stays high.
Discussions among farmers seem to indicate that they are looking to take advantage of high prices and move any/all crops as soon as harvest arrives. Of course this is a good practice since overall profit levels could be net losses with the basic failure of the corn crop. With worries of yield loss and increasing US domestic market consumption the long term result for export markets of soybeans could be high prices and no available inventory of both GMO and Non-GMO soybeans over the 2012 crop shipping season.
Everything hinges on the arrival (or not arrival) of rain.
Although Huron Commodities Inc. makes every reasonable effort to ensure that all data presented is accurate and up to date, it is provided for information purposes only and no guarantees are made of its accuracy.