Our team will be watching the extended weather forecasts.
The forecasts have now turned very wet into early May. If that proves to be right, then new crop corn prices will likely continue higher.
Currently, US corn is 3% planted, which is 2 percentage points behind the average pace. By next Monday, US corn might be 5-6% planted, which would put it 8-9 points behind average. By April 29, US corn might be 14-15% planted, which then would be 12-13 points behind average. It is unlikely that US farmers will plant 39% of the crop in one week like they did in 2018.
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