text: The U.S. corn and soybean crops are in mostly good condition and have not suffered any yield deterioration from recent hot dry weather Agriculture Department and private weather and crop analysts said. I dont see any reduction in yield potential yet Norton Strommen chief meteorologist at USDA told Reuters. The (corn and soybean) crop is actually in mostly good condition and is progressing ahead of normal which is good he said. Abnormally hot dry weather in midwestern crop areas sparked a sharp rally in Chicago futures today causing new crop soybeans to advance the 30 cent daily limit to 6.14 dlrs per bushel and September corn to go up 12 cents to 2.81 dlrs. This rally is amazing a private crop analyst said. Corn soybeans and wheat are in excellent condition. The USDA meteorologist said the only effects of the warm dy weather on crops so far has probably been to speed up development of the crop which will help the crop better cope with stress later in its more critical growing period. What this weather will do is simply push the crop towards rapid development of a good deep root system to draw on the subsoil reserve. It actually strengthens the crop to go through a little stress early on Strommen said. Strommen noted that subsoil moisture is in good shape in most growing areas. Strommen and other private crop analysts noted corn and soybeans will not enter their critical growth stages until July and August. But because of its early development this year Strommen said the midwestern corn crop could enter its reproduction period by the first of July. Weatherwise if the market is truly concerned about corn or soybeans it should be more concerned about corn. But the dryness still has to last for another two to three weeks an analyst said. Soybeans on the other hand can withstand several more weeks of dryness before yields start deteriorating crop analysts agreed. August and September are the critical yield-producing months for soybeans Strommen said. The sole purpose of the soybean plant is to simply survive during May June and July until the August rains which determine the crop a crop analyst said. Some analysts contend however that in certain growing areas the crop has not been receiving enough moisture to ensure that there will not be problems later. Strommen noted the USDAs current six to 10 day weather forecast calls for above normal temperatures and below normal precipitation in much of the corn belt. This opens up all sorts of speculation he said. Reuter
target: NO YIELD DAMAGE YET IN U.S. CORN, BEANS - USDA