Precipitation
As multiple weeks of significant rainfall pushes planting progress far behind last year’s pace, Scott Irwin, professor at the University of Illinois, says these delays may not affect corn yields as much as you think.
Soybean planting crossed the halfway mark across the U.S, and the corn planting is 70% complete. The latest USDA Crop Progress Report shows farmers in parts of the U.S. made major headway over the past week.
Has the rain in parts of the country encouraged producers to start rebuilding the cow herd? How are the markets being affected by both dry and wet conditions right now?
You Can Now Blame El Niño and La Niña For the Extreme Weather Outbreaks, Planting Delays This Spring
From the slew of tornado outbreaks since late April, to more planting delays across the U.S., the extreme weather is caused by a combination of weather phenomena, including the quick switch from El Niño to La Niña.
As drought deteriorates across the U.S., it’s a positive signal for growing a big crop in 2024. And analysts say if weather continues to fuel this year’s crop, December corn futures could fall into the $3 range by fall.
There’s now a 60% chance La Niña will develop between June and August and an 85% chance it’s in effect by November 2024 to January 2025, according to NOAA.
The U.S. Drought Monitor shows drought coverage is now at its lowest level since spring of 2020, but USDA’s topsoil moisture map shows it’s still extremely dry in areas of the west and too wet in the east.
Experts are watching global dynamics to understand the input market’s longer-term outlook in the U.S. Among their top concerns are geopolitics, weather and low supply.
Brazil is seeing a sudden shift in weather with heavy rains now forecasted over the next two weeks. While it will bring relief to drought areas, it could cause harvest delays and issues planting the safrinha corn crop.
According to the meteorologists at BAMwx, the upcoming month in Brazil could be comparable to this past August for U.S. soybeans.