The latest Crop Progress report from USDA shows 49 percent of corn is now planted. That's 31 points behind the five-year average. On soybeans, just 19 percent of the crop is now in the ground. That's 28 percentage points off the average pace.
John Payne, with Daniels Trading and the author of 'This Week in Grains and Oilseeds, recently told AgDay's Clinton Griffiths that yield and prevent plant is now in play.
"As we get kind of close to the end of May, and really watch those [weather] model runs, if it doesn't change or we don't get a dry out of a week, at least, I think you're probably looking at some significant preventive plant," says Payne. "The question will be how much and then really, what is the yield as we move throughout the year."
Markets are already starting to react to the planting delays. Payne recommends keeping a sharp eye on prices and know that it won't last forever.
"If you wait to sell, by the time you know the prices will be lower," says Payne. "So if you look at the last few years, we've had a chance to sell with the four handle on at every single one of those years."
To hear more of John's comments click on the video below.