Ag in the AM: Commodity Prices Drop as Rain Chances Rise
DES MOINES, Iowa – You can thank the weather guys for the drop in commodity prices.
The commodity markets are on track for its biggest slide in two weeks as forecasters predict more rain in the Midwest in the days ahead.
Farm fields are stressed right now with corn crops needing about an inch of rain soon to help in the growing process.
Agriculture Department meteorologists say much of the area is in store for much-needed rains this weekend.
The lack of rain is already showing.
“The leaves of the corn should be laying flat and soaking up all the sunshine they can,” says a central Iowa farmer.
“The way the corn protects itself is the leaves roll together and so that helps it to prevent moisture loss.”
The only problem is that the curled leaves also create a great place for insects to take root.
The forecast for rain dropped commodity prices by two percent Tuesday afternoon.
The latest drought forecast is due out Thursday but last week’s report showed drought conditions in central and southern illinois and in north central iowa.
Rootworm Damage Is Discovered
The Western Corn Rootworm season is progressing at an unprecedented pace according to Illinois Extension Entomologist Mike Gray.
There have been reports of rootworm damage already in Cass County.
Seed industry representatives confirmed that beetles were observed early last week, nearly a full month earlier than when they are usually first reported, around the 4th of July.