What If There Is No Weather Scare This Summer?

May 24, 2018 02:53 PM

Even though planting in many parts of the Corn Belt was delayed because of cold temperatures and snow, the weather isn’t the only thing that’s seeing the heat.

According to the USDA’s latest Crop Progress Report, 56 percent of U.S. soybeans have been planted, 14 points ahead of the five-year average.

Now that the majority of the crop is in the ground, now it’s time to wait and watch the weather.

Garrett Toay, risk management consultant for AgTraderTalk, told U.S. Farm Report host Tyne Morgan on AgDay that if weather conditions continue to be ideal going into summer, it won’t be until January until there is focus on demand and supply takes over.

“If we do increase corn acres at the end of June, there is downside risk especially considering the market structure,” said Toay.

The USDA will release its acreage report in five weeks, and Toay said there’s “always a chance” to see a bump in corn acreage from March.

“I think we were surprised both in corn and soybeans [in the March report],” he said. “I think there’s going to be something that may be a surprise: it’s either going to be bean acres go up or corn acres go up. Maybe they both go up and that’s a surprise.”

Hear why Toay says the market could force a weather scare on AgDay above.

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