It’s official, this is the slowest US planted corn crop, ever, since record keeping began in 1980.
Nationally, corn planting is at 49% complete as of Sunday May 19th, compared to the average of 80%. Ohio is at meager 9% planted on corn, versus the average of 62%. If we plant the original 92.8 million acres forecasted by the USDA, this equates to roughly 47 million acres of corn that are unplanted across the nation.
The market’s job is to make sure the corn crop does in fact get in the ground. And the market is doing a good job, July corn futures have rallied 56 cents in 9 days, putting cash prices at a 12 month high! December futures are currently at their contract highs. This weather market has given us a great opportunity to forward contract new crop corn and sell old crop corn at profitable levels. The weather over the next 2 weeks will be incredibly important to the market as we have prevent plant dates swiftly approaching across the country. Even slight changes in the forecast will swing the market in one direction or another. Be proactive and have target orders placed with your grain buyer.
Important Update – May 24, 2019
The USDA held a press conference late Thursday, May 23, confirming that trade aid payments to farmers will be based on each county impacted – not by commodity and will be multiplied by 2019 total planted acres. Preventive planted acres will not be included. The USDA has not reported what each county’s payment rate will be. However, it was announced that the payments will be scheduled in three parts – July/August 2019, Fall 2019 and early 2020. These payments are an incentive package for growers to plant.
Luckey Farmers is committed to providing accurate and timely information to our growers on the 2019 planting season. Look for future updates regarding the USDA’s decision on both our website and facebook page.