Planting intentions are just that… intentions. And conditions can – and most often do – change from early March to when seed starts going in the ground. That’s why planted corn, soybean, spring wheat and cotton acres are a moving target. And this year is no exception, says Brian Splitt, Sr. Broker for Allendale, Inc., McHenry, Illinois. On Tuesday’s AgriTalk After the Bell, Splitt told host Chip Flory the uncertainty of this year’s final acreage for corn and soybeans is creating some volatility in prices, and that with increased volatility comes increased opportunity for pricing new-crop corn and soybeans.
Splitt explained that based on when the corn crop has been planted in the past, the second week of May is the most important, followed by the third week of May and then the first week of May. He says the corn market is right on the edge of “really caring” about corn planting progress, but because of the corn crops performance in recent later-planted years, he warned it may be difficult to generate upside momentum in corn.
“But seasonality has something to do with it too,” said Splitt. “Don’t be surprised if this corn market drifts lower for now, but by the time we get to the middle of May, all attention will be on planting progress.”