U.S. corn, soy crops vulnerable to frost

By Sam Nelson and Christine Stebbins - Analysis

CHICAGO (Reuters) - Corn and soybean crops in the U.S. Midwest, planted late because of excessive spring rain and damaged by flooding in June, are maturing behind schedule and could face more losses if the corn belt has an early cold snap.

Any frost damage could lead to even higher global food prices, which already have sparked protests in several countries. The United States is the world's top exporter of corn, soybeans and wheat.

"Everything is running behind. September weather is going to be important this year. An early freeze would have a significant impact on the crop as it's so late," said Mike Palmerino forecaster with DTN Meteorlogix.

The U.S. Department of Agriculture (USDA) on Monday said only 13 percent of the corn crop was pollinating, behind the 36 percent average pace. Just 26 percent of the soy crop was blooming, behind the average 45 percent.

"Both crops are from two weeks up to four weeks behind so we're going to need a late fall to avoid a big problem," said Don Roose, grains analyst with U.S. Commodities.

"Soybeans grow by the amount of sunlight and corn by growing degree days, so both crops are under threat," he said.

Rains kept farmers from timely sowings of a big portion of the 2008 crop. Then, the worst flood in 15 years wiped out thousands of acres of corn and soybeans in June in the Midwest. Crops that were replanted on the damaged acreage are even further behind now.

There were trade reports on Tuesday that 45 percent of the U.S. corn crop will not be mature by October 1, leaving open the potential for even a normal freeze date to cause some harm.