06/20/25 Afternoon CommStock Report – Was the 2025 Drought Called Off?

We had shared the long-term forecast for a 2025 drought based upon the 89-year drought cycle. I also said that we would not position for it in the market until evidence surfaced that supported drought development. Here we are entering the last half of June and no major drought appears to be developing. Locally our farms have gotten over 5 inches of rain so far in June with more in the forecast and the field tile have begun running. Statistically the window for the 89-year drought would extend another 3 or more years. Our crops were planted in April under good conditions with our soybean crop having the earliest planting date (April 24) in our farm’s history. A year ago, at this time, we had just finished planting our crops in June and then we were thrown the greatest flood here in NW IA/S MN history. Yet by August last year we were in drought so we all know how variable extremes can be. I had some prevent-plan corn and below APH yields last year. This year is the opposite so we hope the yields will be too. We are presently looking at potential for the state of Iowa to…