Rabobank: Drought not as bad as 1988, yet

Ag banker says crop conditions are still better now than back in 1988. Nearly a third of Illinois is now under severe to extreme drought conditions

Compiled by staff

Published: Jun 28, 2012

Unless Midwest weather improves in coming weeks, CBOT Dec corn could hit $7.50 and even challenge $8 in the months ahead, Rabobank says.

The ag bank cut its national yield projection to 154 bushels/acre, down 12 bushels from what USDA has estimated. Still, while this appears to be the driest June since 1988, Rabo says not to draw too many comparisons, at least not yet, as crop ratings in 1988 fell much more precipitously than this year.

FarmWeekNow looked back at previous drought years and checked Illinois corn condition (good-excellent) ratings for this week in June. Here are the results:

2012: 37%
2005: 32%
1995: 48%
1988: 19%
1983: 80%*
1980: 91%*

*In 1980 and 1983, hot temperatures and dry conditions during July adversely impacted crop conditions.

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