The Monday crop progress report showed corn plantings at 3%. This week snow and cooler temperatures were seen throughout parts of the upper United States. We’ve heard from some clients in Kentucky and southern Illinois of corn being planted this week and with that being said in our opinion the Crop Progress should show approximately 10% to 12% completion. Temperatures are on the rise and weather permitting [i.e. too much rain] corn will get planted. The questions one should be asking now: Could cool temperatures in the northern states and November 2014 soybeans futures above $12 cause a shift in acreage? Will some producers switch? The answer will not be seen before the Actual Acreage report in late June.
Wheat continues to rally on conflicts in the Ukraine and the potential frost scare. One must be careful, producers with unhedged production; an opportunity was given this week to sell above $7. Be sure to take advantage when these opportunities arise. If Monday’s Crop Progress report does not show any deterioration in wheat, one would have to assume it may be difficult for July wheat to go back above $7.
If anyone feels they need to put structure into their risk management decision-making and would like to discuss marketing strategies, call Bob or Laura (1-800-832-1488). We will also try to answer questions in upcoming blogs and we welcome emails to [email protected] or [email protected].
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