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Preliminary Route Report with Brent Judisch, western Tour consultant
What counties (with state and district) have you sampled from?
Iowa: District 8—Martin, Watonwan, Faribault, Freeborn
Corn yield range: 109 to 219 bu. per acre
Corn yield average: 168 bu. per acre
Soybean pod count range in 3’x3’ square: 72 to 1,320
Soybean pod count average in 3’x3’ square: 797
Please share a few (one to three) comments from your route:
I was really disappointed throughout my route today. We saw a lot of immature corn, a lot in the blister stage and we covered around 150 miles. There have been a couple of good samples, but they’re way down from average yields--only had one sample yield over 200. Soybeans have also been disappointing. Most are still flowering, and by my estimation, are about 45 days behind. Corn and beans are both very short, due to so much rain and cool conditions. I knew there would be issues, but I thought the area was much smaller.
Preliminary Route Report with Brian Grete, eastern Tour leader
What counties (with state and district) have you sampled from?
Iowa: Districts 6 & 3—Linn, Delaware, Fayette, Clayton
Corn yield range: 145 to 255 bu. per acre
Corn yield average: 202 bu. per acre
Soybean pod count range in 3’x3’ square: 742 to 2,089
Soybean pod count average in 3’x3’ square: 1,595
Please share a few (one to three) comments from your route:
Quite a bit of variability in corn, but overall yield is pretty good. The maturity decreased as we travelled north. Low yields have been continuously offset by high ones. Soybeans were heavily podded, with moisture levels mostly adequate across our route today.
Preliminary Route Report with Chip Flory, western Tour leader
What counties (with state and district) have you sampled from?
Iowa: Districts 8 & 9—LeSuer, Rice, Goodhue
Corn yield range: 87 to 202
Corn yield average: 141
Soybean pod count range in 3’x3’ square: 288 to 1108
Soybean pod count average in 3’x3’ square: 798
Please share a few comments from your route: I’m unimpressed that’s for sure.
This corn crop up here is out of gas. The color is not good; light green to yellow. There’s some disease but the main issue is, it’s low on nitrogen--I think the fall applied fields are really hurting. It’s also slow to develop—milk to early dent. I’m not too concerned about the fields that are in the dough or early dent stage, but if it’s in the milk stage, it’s going to need every good thing going for it over the next few weeks. Soybeans are also showing slow development; very behind. A lot of pod filling left which made for low pod count, which is very concerning.
Preliminary Route Report with Mark Bernard, eastern Tour consultant
What counties (with state and district) have you sampled from?
Iowa: Districts: 2—Floyd and Mitchell / Minnesota, District 9—Mower and Dodge
Corn yield range: Iowa-- 153 to 206 / Minnesota—165 to 220
Corn yield average: Iowa 188 / Minnesota 190
Soybean pod count range in 3’x3’ square: Iowa: 1,186 to 1,590 / Minnesota 638 to 1,771
Soybean pod count average in 3’x3’ square: Iowa: 1,363 / Minnesota: 1,203
Please share a few comments from your route:
Corn, generally speaking, was very healthy, and had no evidence of any disease. We did run into a field that had been hailed on in Mower County, but had a respectable yield at over 200 bu. The crop still needs time to finish, with many samples in dough stage or early dough stage. The crop will need favorable weather into September to push it across the finish line. Soybeans had no disease whatsoever, however, there were a few soybean aphids, but the maturity of the crop in general should help with the aphids. It won’t be too much longer until aphids migrate back to buckthorn, so that should help. Overall, it’s a pretty darn good soybean crop given the spring and growing season that we’ve had. Likely won’t be record yields, but not a total disaster either.
Boston Fed’s Collins supports potential rate cut to preserve job market amid easing inflation…Susan Collins, president of the Boston Federal Reserve, in remarks to the Financial Times (link) emphasized the importance of maintaining a healthy labor market while bringing down inflation. She suggested that the U.S. economy is in a strong position, with inflation easing and the labor market cooling without major concerns. Collins supports a potential interest rate cut, which could begin as early as Sept. 18, as the Fed looks to adjust its policies in a data-driven, methodical way. This sentiment is echoed by other Fed officials, who also favor a cautious approach to lowering rates amid signs that inflation is moving towards the Fed’s 2% goal and the labor market is softening.
Of note: Collins warned against letting negative sentiment about the economy lead to unnecessary caution, which could harm economic growth.
Potential strike by 85,000 dockworkers threatens U.S. East and Gulf Coast ports…amid contract negotiation stalemate. The potential strike by approximately 85,000 dockworkers represented by the International Longshoremen’s Association (ILA) at 36 ports along the U.S. East and Gulf Coasts is a significant issue that could disrupt supply chains in October. The dockworkers are threatening to strike due to stalled contract negotiations with the United States Maritime Alliance (USMX), which represents terminal operators and shipping companies.
The current contract is set to expire on Sept. 30, and the ILA has issued a 60-day strike notice, as required by federal law, indicating their intention to strike if an agreement is not reached. The main sticking points in the negotiations are economic issues, particularly wages. The ILA is seeking better terms than those negotiated by their West Coast counterparts, the International Longshore and Warehouse Union (ILWU), last year.
The potential strike comes at a critical time, as it could have massive economic impacts, disrupting global trade and supply chains. This disruption could have significant ramifications for the economy, especially given the proximity to the upcoming elections. Companies are already considering diverting shipments or moving them earlier to avoid potential disruptions.
Key events ahead: While the ILA has expressed its dissatisfaction with the current proposals from the USMX, which include industry-leading wage increases and improved benefits, it remains to be seen whether a resolution can be reached before the strike deadline. The White House is monitoring the situation but has not yet intervened in the negotiations. The outcome of the upcoming ILA meeting in early September, where they plan to finalize their contract demands, will be crucial in determining the next steps.
Mexican tariffs are encouraging Chinese companies to invest and produce in Mexico…a “natural partner” for China’s overseas manufacturing, according to Mexico’s ambassador to China, Jesús Seade in an interview with the South China Morning Post (link). Despite concerns over U.S. reactions, Seade assured that Chinese investments are protected under Mexico’s legal framework. Mexico is keen to diversify its economic ties, seeing China as a key partner, especially as U.S./China tensions rise. These tariffs aim to address the trade imbalance between Mexico and China by incentivizing Chinese companies to produce locally, benefiting Mexico’s economy.
While Chinese investment in Mexico remains relatively small, it is welcomed due to China’s global economic influence and manufacturing prowess. Seade emphasized the importance of transparency and compliance with existing rules, reassuring Chinese companies that adherence to these standards will ensure their investments are secure. The move is also intended to prevent circumvention of U.S. tariffs through Mexico, ensuring that investments meet the standards set by the USMCA and Mexican law.