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Iowa corn crop looking much better than a year ago

Thursday, July 9, 2009

WASHINGTON, D.C. - The June 30 U.S. Department of Agriculture crop report finds nearly the same amount of corn acreage in Iowa as in 2008, but crop conditions are much better.

The Iowa corn crop is pegged at 13.7 million acres, up slightly from reported acres in June 2008. Eighty-one percent of the crop is rated excellent.

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Iowa's soybean planted acres is estimated at 9.8 million acres, up from 9.75 million a year ago. Tight supplies is behind increased production, USDA reported.

"I thought we would see slightly more increase in Iowa than 50,000 acres,'' said Kirk Leeds, CEO of the Iowa Soybean Association. "Even with global slowdown, we are still seeing strong demand for soybeans and soy meal around the globe. In China, especially, while growth is slowing, there is still growth in demand.''

Demand for soybeans remains strong, said Grant Kimberley, ISA director of marketing development.

"This report doesn't provide a supply cushion,'' he said. "While these acres may help to increase supply modestly, the cushion will not be as great as some may have expected. Achieving trend line yields or greater will be most important to achieving adequate supply."

Nationally, corn planted for all purposes is estimated at 87 million acres, up 1 percent from 2008 but 7 percent below 2007. This is the second-largest planted acres since 1946.

Soybean planted area is estimated at a record-high 77.5 million acres, up 2 percent from 2008. Area for harvest is at 76.5 million acres, up 3 percent from the year before.

All-wheat planted area is estimated at 59.8 million acres, down 5 percent from2008.

The USDA reported that the corn crop was developing at a slower-than-normal pace across the Corn Belt because of the delayed planting.

Still, the USDA reports, 70 percent of the crop was rated good to excellent, an 11 percentage point improvement over a year ago.



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