Business

Big Corn & Soybean Report Due Friday

Dave Dahl, Ilinois Capitol Bureau
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SPRINGFIELD, ILL (IRN) – Don’t write the obituary yet for the 2012 crop season in Illinois.

“With corn prices as high as $8 (per bushel) and soybeans as high as they are, even if farmers can salvage 50 bushels an acre out of their crop, they’re certainly going to take advantage of selling whatever they can, and, I’m assuming, collect the insurance on some other portion of it,” says Brad Schwab, director of the Illinois field office for the USDA National Agricultural Statistics Service. “But the soybean crop is not done yet!”

Schwab’s weekly crop progress report says 81 percent of the corn is in the dough stage and 82 percent of soybeans are setting pods, both ahead of averages.

Twenty-two percent of the corn and 33 percent of the soybeans are now rated fair. Poor to very poor ratings are for 74 percent of corn and 57 percent of soybeans.

Schwab says soybeans have a pretty good chance this year — if it ever rains. Schwab is looking forward to Friday’s USDA yield projection.

Copyright IRN

 

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