Corn harvest is running about 20 percent complete. We may wrap it up before the 24th. A few fields of soybeans have been cut. Yields are good, but maybe not as good as 2017 overall. Fungicide applications are paying dividends. USDA numbers indicate a huge crop of corn and soybeans to go along with an abundant supply of red ink on farm balance sheets. Corn, $3.06; January, $3.33; beans, $7.67; January, $7.94; wheat, $4.81.
A few acres of corn were harvested before rain knocked us out of the fields. So far, early yields are 200 to 248 bushels per acre, or 5 to 10 percent less than last year. Later maturities will improve those numbers. Still a top three corn crop. Moistures are running 19 to 27 percent. Beans are ripening fast, and some will be cut as soon as it dries up. Basis continues to be historically wide for this area. Corn, $3.20; January, $3.47; beans, $7.68; January, $7.95; wheat, $4.86.
Some corn is being harvested with moisture ranging from 21 to 37 percent. Few are willing to admit to yields, but reliable sources indicate 210 to 230 bushels per acre on early maturities. The 1 to 2 inches of rain that fell last week will help later maturing beans. Soybean storage space will be scarce, and many analysts forecast very wide basis levels in both crops. Farmers will be stressed by limited marketing options. Rest in peace good and faithful servant, John McCain. Corn, $3.11; new, $3.19; Jan., $3.40; beans, $7.61; new, $7.61; Jan., $7.89; wheat, 502.
The Route 24 corridor received .3 to .5 inches of rain last week and continues to be among the drier spots of central Illinois. That said, crop prospects are still good. Crop prices are a major concern and basis continues to weaken to unprecedented levels. Harvest will start in earnest after Labor Day. GDUs are 350 ahead of average. Corn, $3.20; new, $3.24; soybeans, $7.80; new, $7.80; wheat, $5.07.