Crop conditions in SW Iowa and Eastern Nebraska remain in good to excellent condition overall. Timely rains and moderate temperatures have provided excellent growing conditions for rapidly maturing crops. The region is ahead on schedule on growing degree days and most crops were planted in a very timely manner. I expect a relatively early harvest with harvest starting in some areas within the next 3-4 weeks. I expect average to slightly above average yields for both corn and soybeans in 2018. Once harvest is underway we will update our posts with yield information from around the area.
Land prices remain stable with few very properties on the market and strong farmer and investor demand. This fall and winter will give a good indication on where land prices are headed for the rest of the year. Thien Farm Management, Inc. has been given the opportunity to sell two very nice farms at auction this fall and winter. The first auction is on September 26, 2018 in Oakland, Iowa and the second auction is on December 5, 2018 in Underwood, Iowa. Both farms are high quality upland farms in Pottawattamie County. Please check this website under the Available Land Tab for complete details on these upcoming auctions.
There has been a lot of discussion and worry over the recent soybean tariffs. USDA has recently announced a aid/support program to help offset the damages from the soybeans tariffs. Details are just coming out but it is our understanding that soybean growers will be paid $1.65/bushel on 50% of their 2018 production, with additional aid/support possible later in the year. We will be monitoring this program very carefully and will participate on behalf of our clients. Applications for aid/support cannot be made until harvest is complete and total soybean production is know on each farm. With soybean prices at or near recent historic lows this program will help bring the average price received up on the 2018 crop and may be the difference between making money and losing money on the soybean crop in 2018.