For the majority of farmers, planting got off to a solid start in the Corn Belt last week. Favorable weather conditions paired with quick planting pace means a lot of seeds are being planted in a short amount of time.
According to Monday’s Crop Progress Report, corn plantings were up 12 points from the week prior to 17 percent planted. However, it’s still 10 points behind the five-year average.
Soybean planting are on par with the five-year average at 5 percent.
Despite the lagging in progress last week, the markets weren’t showing any signs of worry.
“There are some friendly things underneath this market,” said Chip Nellinger, Blue Reef Agri-Marketing. “It tells me you’re going to see some big swings going further into the growing season which is a good thing—volatility is our friend.”
The growing season is still fresh, and weather could play a big factor in markets moving into the summer months.
“There’s lots of things that the market still is very hesitant to move on until it has absolute and concrete data,” said Mike North, president of Commodity Risk Management Group.
Hear what Nellinger says are the two points to watch moving into May and June on AgDay above.