Impressive corn-planting progress is expected in today’s USDA report, and U.S. Farm Report Marketing Roundtable analysts say the report will also help clarify producers’ soybean decision.
"Ultimately, it is going to tell us whether or not there is going to be a large movement toward soybeans or a small movement toward soybeans," says Mike North, First Capitol Ag. "Generally after the May 20th deadline, that’s when it becomes a legitimate decision for producers."
(See related: 2013 Corn Planting Progress Map)
Fears about not getting corn in the ground have lessened, says Bryan Doherty of Stewart-Peterson Group Inc., but a wet forecast this week might force farmers with 5% to 10% of unplanted acreage to make the call.
Soybean supply needs remain tight, he says.
"The crushers are going to be forced to find soybeans, and they’re going to pay for them, and the bottom line is, that’s what we’re seeing leading this market right now is that crush demand," North says.
Watch the following two segments to hear North and Doherty talk about those issues plus the hard red winter wheat crop, the effect of U.S. currency ascension on producers’ bottom lines and what farmers need to do to be profitable this year.
Watch Segment 1 of U.S. Farm Report Marketing Roundtable:
Watch Segment 2 of U.S. Farm Report Marketing Roundtable: