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Pulse Price Report: Shoulder High by the Fourth of July

 

With a good mix of hot days and rain in the spring and summer of 2016, farmers throughout Wisconsin are enjoying the expectations of a good harvest.

“Reporters statewide commented that corn was well above knee high for the Fourth of July,” read the Wisconsin Crop Progress and Condition Report for July 5, a weekly assessment of crop progress by the U.S. Department of Agriculture.

But the “knee high” saying may be a thing of the past thanks to better seed technology and better crop science.

Thanks to seeds that can withstand more harsh conditions and a better understanding of soil temperatures, farmers are able to plant earlier and see a crop of corn that is often shoulder high by Independence Day.

Although earlier corn doesn’t always mean better corn, the weather throughout Wisconsin this year has provided just that.

“As of July 3, corn condition was 85 percent good to excellent,” said the report.

While farmers in Kewaunee County reported dry temperatures that seem to be stressing crops, the lack of rain has allowed for the baling of dry hay.

All crops are reporting at least 84 percent good to excellent condition. Most farmers in the state are asking for some rainfall, but expected harvest on crops is a week ahead of last year on average.

 

Crop prices (July 5)

Rio Creek Feed Mill – Algoma

Commodity Price (per bushel) Basis
Corn $3.15 -0.45
New-Crop Corn $3.19 -0.48
Soybeans $10.84 -0.65
New-Crop Soybeans $10.62 -0.76
Wheat (SRW) $3.65 -0.65

 

Fox River Valley Ethanol – Green Bay

Corn $3.17/bushel -0.43
New-Crop Corn $3.22/bushel -0.45

 

Basis: The difference between the local cash price for a commodity and the Chicago cash price (where the Board of Trade sets national futures price).

 

Gas Price Averages

United States: $2.27

United States one year ago: $2.77

Wisconsin: $2.35

Wisconsin one year ago: $2.77

Northern Door: $2.50

Sturgeon Bay: $2.49

 

Other Commodities

Gold: $1,356.30/troy ounce

Silver: $19.96/troy ounce

Oil: $46.83/barrel

 

Sources: aaa.com, agweb.com, gasbuddy.com, cnn.money, Wisconsin State Farmer, Wisconsin Crop Progress and Condition Report

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