Crop reports show minor delays, climbing prices

DES MOINES — The last month’s worth of crop progress reports from the U.S. Department of Agriculture Upper Midwest Regional Office showed slight lag compared to 2021, despite favorable fieldwork conditions in the back half of June

According to the most recent July 5 report, corn began silking at 2%, three days behind last year and four days behind average, while 13% of soybeans were blooming, 9 days behind last year and 4 days behind average. Ninety-one percent of the oat crop was headed or beyond, coming in one day behind last year, while 23% of the state’s oats were turning color, six days behind last year.

Precipitation also showed statewide delays, according to the July 5 crop progress report.

“Unseasonably dry conditions exacerbated longer-term drought across northwestern Iowa as stations reported little to no rainfall over the previous week,” it said using data finalized on July 3. “Iowa’s southern one-third measured widespread rains but was still up to an inch below normal.”

While the numbers show slight delays compared to recent growing seasons, they reflect a major catch-up after a planting season pushed back by weather concerns.

Prices for crops continued to climb. According to a June 30 USDA report, average prices received by farmers in May 2022 were $7.34/bushel corn, $15.90/bushel soybeans, and $172/ton of hay. The numbers are 22 cents, 50 cents and $9 above April prices, respectively, and all much further above 2021 prices.

Grain stocks paint a different picture. Another USDA report said corn stored in all positions in Iowa was down 1% from last year as of June 1, but soybeans, totaling 207 million bushels, were up 52% from last year.

“Fifty-two percent isn’t way out of the ordinary,” USDA Statistician Doug Decock said. “We’ve had increases in the past … so it is higher than normal, but it’s not abnormally so.”

Susan Cowles, another USDA statistician, said the change was likely a result of increased production, rebounding from the year prior, when stocks were down 51% from 2020.

“Iowa’s June 1, 2021 soybean stocks (all positions) were at the lowest level since 2015,” she said in an email. “Changes in production levels, as well as increases (or) decreases in exports or other market movement can cause changes in stocks levels from year to year.”

The state logged 23 million hogs and pigs on Iowa farms as of June 1, leaving inventory down by 100,000 from the previous quarter and 3% from last year. The July 5 crop progress report suggested weather wasn’t helping things, saying “livestock were showing some stress due to heat and humidity.”

The numbers roughly match nationwide trends, which, at 72.5 million head, were down 1% from June 1, 2021 to 2022.

Comments: Kalen.McCain@southeastiowaunion.com