Tags: Soybean | Corn | drought | Damages

US Soybean, Corn Conditions Worsening as Drought Damages Crops

Monday, 06 August 2012 04:55 PM

The condition of U.S. corn and soybean crops deteriorated as the worst drought in 56 years caused damage across the Midwest.

About 39 percent of soybeans were rated poor to very poor as of Sunday, more than the 37 percent of a week earlier, the U.S. Department of Agriculture said today in a report on its website. For corn, 50 percent got the lowest rating, up from 48 percent a week earlier. Both crops are in the worst shape for this time of year since a drought in 1988.

“There were some areas that got rain, but it was later in the weekend, so I don’t think it was picked up on this report,” Tomm Pfitzenmaier, a partner at Summit Commodity Brokerage in Des Moines, Iowa, said by telephone. “We’re getting down the road where what happens with corn doesn’t make much difference, but we’re starting to” worry about the soybeans, he said.

Soybeans fell 2.7 percent to $15.8425 a bushel today on the Chicago Board of Trade, after surging 15 percent last month and touching a record $16.915 on July 23. Corn futures fell 0.3 percent to $8.05 a bushel. The price gained 27 percent last month, touching an all-time high of $8.205 on July 31.

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Monday, 06 August 2012 04:55 PM
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