Corn planting continues to fall further behind with just 15% of the crop planted vs. the 2% six year average. Looking ahead I doubt if US corn farmers will have 50% of the corn crop planted by May 13. The weather looks very wet for most of the Corn Belt through the middle of May.
Here is what to watch for in future reports.
|Six Year Average||Actual USDA|
|Monday, April 15||5%||3%|
|Monday, April 22||12%||6%|
|Monday, April 29||25%||15%|
|Monday, May 6||43%||33%(Al’s Estimate)|
|Monday, May 13||63%|
|Monday, May 20||81%|
When will the planting delays start to become positive for corn prices? First, if planting is way behind in the May 13 report, then you may see a positive response. Second, US and world wheat prices need to turn higher.