The Corn Conundrum | Reuters.com
Traditionally, the last week of April and the first week of May are the biggest corn planting weeks in the Midwest. Not this year. Planters have been scarce and basic prep like discing or fertilizer application also are weeks behind.
So far, U.S. farmers are off to their slowest start since 1999. The U.S. Department of Agriculture will issue its next crop progress on Monday afternoon. One would have to guess that depending on how much corn is planted – it will drive CBOT prices Monday night and Tuesday. Preliminary guesses is for USDA to report 25-30 percent of the crop seeded, versus the seasonal average of 63 percent.
Granted U.S. farmers can plant corn quickly given today’s 24-row planters. But it’s got to stop raining and warm up.
“There is no sign of a major change in the pattern which means no wide window for planting for the next week to 10 days,” said Mike Palmerino, forecaster with DTN Meteorlogix.
“There will be occasional planting when there’s a break in the rains … the stronger sun will work to their advantage.”