NC Crop Progress Shows a Tale of Two States; with and without Rain
There were more than 6 days suitable for field work in North Carolina for the week ended July 23rd, compared to 5.5 the week before as reported in the weekly crop progress report. Topsoil moisture is rated at 3% very short, 21% short, 66% adequate and 10% surplus. Tim Hambrick with Forsyth County Extension reports that excess temperature, inadequate moisture, and a light breeze have really harmed crops in the last 10 days. With no relief in sight, corn yield is declining, tobacco harvest is moving later into the season, and soybean growth is slow to non-existent. Mac Malloy with Robeson County Extension reports that crop growth is progressing well. Tobacco harvest has begun. Recent rains have delayed Bermuda hay harvest pushing many fields past its prime.
South Carolina Wouldn’t Turn Down a Good Rain
In the latest Crop Progress report for South Carolina there were 6.5 days suitable for field work in the week ended July 23rd, the same as the previous week. Topsoil moisture is rated at 9% very short, 31% short, 54% adequate and 6% surplus. Mark Nettles with Orangeburg County reports that excess heat is stressing crops, and a rain wouldn’t go unappreciated. Otherwise, crop progress is good. Hugh Gray with Allendale County reports that several scattered afternoon thunderstorms brought relief to many areas desperately needing rain, and the areas that did receive rain, the cotton, peanuts and soybean conditions improved, but was too little too late for dryland corn. Harvest of watermelons and tomatoes has wrapped up in his area.
Government Weather Forecasters Showing a Lot of Heat
A hot three months ahead….with the government’s forecast map showing a lot of red and orange; Dr Dan Collins is a climate scientist and seasonal forecaster with the Climate Prediction Center;
“The Climate Prediction Center Seasonal Forecast for the coming three-month period, is all indicating above normal probability we’ll get above normal temperatures across the entirety of the United States, including Alaska and Hawaii.”
Bayer, Monsanto, Still far apart on Merger Agreement
Bayer and Monsanto appear no closer to an agreement than two months ago when the first offer by Bayer went public, according to a new analysis by the St. Louis Post-Dispatch. Bayer recently increased its offer to acquire St. Louis-based Monsanto to $125 a share, or $64 billion. Edward Jones analyst Matt Arnold told the local newspaper he believes Monsanto’s board will not accept an offer for less than roughly $140 a share, and he does not think Bayer is willing to go that high. Arnold gets to more than $140 a share by taking Monsanto’s estimated operating earnings and multiplying them by 17. That’s the multiplier that Monsanto was willing to pay for Syngenta last year. Bayer’s offer falls short of that marker, meaning the offer values Monsanto less than the company values a competitor just a year ago.