USDA: Illinois Corn, Soybean Crops Excelling
The U.S. Department of Agriculture says Illinois' corn and soybean crops are faring well, and 81 and 77 percent respectively.
The USDA says in its weekly crop-status update that 81 percent of the state's corn is rated as either good or excellent. Ninety-four percent of the crop is silking, mirroring the average over the previous five years.
Roughly 77 percent of Illinois' soybean crop is considered good or excellent. Seventy-nine percent of the soybeans in the field are now blooming, 5 percent points below the five-year average.
The USDA says that's all despite the fact that rainfall statewide last week was a half inch below normal.
The department says 65 percent of Illinois pastures were considered good or excellent
URBANA, IL. – The majority of annually produced crops such as corn obviously have to be stored. According to a University of Illinois agricultural economist, for corn producers, the question at harvest time will be who will store the portion of the crop which has not yet been sold.
“The portion of the crop that has not been sold can be sold at harvest for someone else to store, or the producer can store the crop on the farm or in commercial facilities,” said Darrel Good. “For the portion of the crop stored by the producer, the second question is whether the stored crop should be priced for later delivery or held unpriced. That decision is influenced by the magnitude of the carry in the corn market, the cost of storage, and expectations about the change in corn prices after harvest.”
Good explained that for corn that is stored and priced for later delivery, the price for later delivery needs to