Water in Corn Fields Bogs Down Planting | RJO FuturesPosted 05/23/2017 2:23PM CT |
Still weather or not, planting rates have been running consistently. Superficially, there seems to be no problem in planting. The problem lies with too much water saturating the already planted fields. There are a lot of areas that need to be replanted. The ideal time for maximum yield is about over. Now, the wet areas might either be planted with a shorter variety which produces a lesser yield, or switching to soybeans altogether. Cool temperatures are not helping either. Due to these weather problems, there could be more loss than thought.
Old crop supply is still big. So far, producer selling is not big. The producer has been waiting for emergence of the plant. In other news, the South American crop is big, and they usually sell most of their product. In wheat, if the quality of deteriorates enough, it will be used as a feed blend with corn. All things considered, the corn is still a two sided trade with a range of 380-400 in Dec Corn.
Dec ’17 Corn Daily Chart