Farmers always start the planting season with a plan, but for many parts of the country, those intentions have been derailed this year.
Since the corn planting season has been rocky with wet weather hitting much of the Corn Belt, many are wondering if there will be more soybeans to flood the market.
Ted Seifried, vice president and chief market strategist of Zaner Ag Hedge, thinks farmers will mostly stick with planting corn because they already got the inputs down that happened before the rain.
“We’re going to stick to corn as much as possible, but I think we’re going to have to see some more bean acreage,” said Seifried. “It might be about a 500,000-acre swing.”
There seems to be some bearish factors that can weigh on the soybean market, and Seifried believes producers should protect their downside risk and to be on the lookout for bounces.
“If we do have a good crop year and especially if the demand is not quite as strong as USDA is currently thinking, we could be talking about prices near the $8 range,” he said.
Watch Seifried’s full comments on AgDay above.