“We’ve been anxious to plant corn up here for two weeks,” says DuWayne Bosse from Bolt Marketing, Britton, South Dakota. “But in reality, we’ve got time and field conditions are right on the edge of being ready to go. There hasn’t been much spring wheat seeded in South Dakota, but North Dakota missed out on the moisture from the last big snow, so they’ve been seeding wheat for the last 4 or 5 days.”
While corn planting is on the edge of starting in northeastern South Dakota, Bosse and AgriTalk After the Bell host Chip Flory discussed some of the quick planting progress reported from across the Midwest, including some growers in northwestern Missouri, southeast Nebraska, west-central Iowa, southeastern Iowa and northern Illinois that have already finished planting corn – while others in nearby areas haven’t had a chance to get started. USDA in this afternoon’s Crop Progress Report put corn plantings at just 17% complete, 10 points behind the five-year average pace.
Bosse explained that corn prices are getting “some help” from the slow start to the planting season, but he reasons the real story is in new-crop market potential. “Fewer corn acres this year with stronger new-crop demand will tighten-up ending stocks at the end of next year. Even with new-crop futures back at $4.15, I’m not real interested in making sales at these levels… my target for more sales is around the $4.23 level in December corn,” said Bosse.