Iowa's Agricultural Situation: Corn, Soybean Prices and Yields Up Slightly; Hog Inventory Edges Downward
The U.S. Department of Agriculture (USDA) October 21 Iowa Crops and Weather report estimated harvest to be 41 percent complete, compared to 59 percent normally harvested by this time. Dry weather in mid-October allowed quicker harvesting. The early October ratings confirm that Iowa crops are in good shape, with 70 percent rated good to excellent and only 10 percent rated poor to very poor. As of October 1, Iowa’s corn crop was forecast to yield a record 159 bushels per acre. The projected yield is 13 bushels above last year’s level and 15 bushels above the five-year average. Production is forecast at 1.89 billion bushels for the state, up 14 percent from last year’s total. As of mid-September, the price of corn in Iowa averaged $2.48 per bushel, up $0.63 from the price a year ago.