Corn Planting Continues in Weird Weather | RJO Futures
Time is approaching for corn to be planted to get optimum yield. Again, weather is the story. Based on the weekly crop progress report issued May 8, corn planting was 47% complete vs the 52% average. This number is giving the board prices support today. Weather for the rest of the week is cool and wet in some areas. There are concerns of replanting which means a shorter variety of corn will be planted meaning less yield. If the weather continues wet, there is the possibility of acreage switch to soybeans. With that being said, keep in mind that South America has a big crop that will be ready for harvest.
The USDA will issue its first estimate of 2017/2018 crop production. There is the possibility of lower world stocks and US ending stocks. Keep in mind that even if stocks are lower on this report. There is still a big old crop supply and we are just starting the growing season.
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Gerry Plotkin
Senior Market Strategist
Gerry has more than 30 years of experience as a licensed stock and commodities broker. His background includes working with Swift Henke in back-office operations; H. Hentz, where he handled the stock order desk; Drexel Burnham, where he helped set up the commodities operation in Chicago and did business with commercial and retail clients; and Smith Barney, where he served commercial and retail customers. Prior to joining RJO Futures, Gerry worked with retail and commercial hedge customers at MF Global.
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