Western Iowa Co-op is committed to helping with the on-going success of our patron's operations by doing what it takes to compete in today's global marketplace. We are poised for the future and will continue to move forward to meet the demands of today's rapidly changing agriculture to better serve our owners and patrons.
It’s summer in Iowa and what a summer it has been. Despite more July rain than we have seen in years and the kind of growing season we can only hope for it’s only fair to say it looks like we have a bin buster of a crop to look forward to.
Be prepared for Iowa’s ever changing weather conditions, stay alert and always “THINK SAFETY FIRST”
Grain
Grain markets are higher yet again this week as markets are reacting to the bullish news coming from Russia and Ukraine. G/E ratings are steady for both corn and soybeans, 72 for corn and 67 for beans, both of which are above average. Export sales are also up for corn and beans, but are very close to estimates by the yearly USDA estimates. Furthermore, China has been importing more beans than ever before, buying an average of 7 million bushels of beans a day, 365 days a year, a little less than we handle in a year. Bullish indicators have been going off in the technical trading sector. Open interest is increasing for both corn and beans, while RSI is neutral for corn and overbought for beans. Wednesday nights close has corn and beans right on top of their recent resistance levels for new crop contracts. Both are well above their 20 and 40 day moving averages, with corn very close to its 200 day moving average at 402 ½.
Agronomy News
Hot, humid weather conditions in the area have caused a sharp increase in corn diseases in this area. Gray leaf spot (a fungi-caused diseases) has been reported in this area. Making an accurate diagnosis for Gray leaf spot is critical to avoid making unnecessary fungicide applications. Call your nearest Western Iowa Agronomist if you have questions about Gray leaf spot or any crop disease and let them help you diagnose and choose the best suited treatment for your crop.
Go to “Agronomy News” for more information on Gray Leaf Spot.
Field Evaluation from Jenna Gochenaur – Western Iowa Coop Agronomy Intern for 2010. Jenna will give us a weekly report on what she is seeing as she checks fields this summer.
Corn and soybeans continue to mature this week with beans putting on pods and with corn going from blister to milk stages. Grasshoppers and bean leaf beetles are the biggest threats in soybeans currently as they cause major defoliation. Stalk borers and corn rootworm beetles are the major threats to corn plants currently. Corn rootworm beetles can cut the silks of plants, decreasing yields. Rust and gray leaf spot can be seen in the corn currently and white mold and bacterial blight may become problems in the bean fields.
Petroleum
The paradox in the energy market continues. Fundamentally we are over supplied in crude oil as well as all of the products as inventory levels remain way above normal. Looking at these fundamentals, the market is over priced but the market remains supported and trades in the same trading range we have seen all year.
Click on “Petroleum News” for your WIC weekly petroleum updates.
Read more petroleum news from EIA – http://tonto.eia.doe.gov/oog/info/twip/twip.asp
Western Iowa Coop is currently serving an area from Northern Sioux City to Quimby, Quimby to Soldier to Mondamin and all points within this area.
Did You Know?
In 1820 the Land Law allowed purchasers to buy as little as 80 acres of public land for a minimum price of $1.25 an acre
Saturday will be marked with a few showers in the central Midwest, but dry elsewhere. The main weather feature will be warm conditions in the Midwest, and hot, stressful readings in the southeastern Plains through the Delta and the Southeast. » More DTN Weather Commentary
