Good Morning,

Weekly crop progress reports were unsurprisingly friendly as only two-thirds of the corn crop and less than 40% of the bean have been able to be seeded this spring. While the corn is obviously record slow, the beans aren’t far behind with their second slowest rate ever. If we use the March planting intentions data, Monday’s report means that farmers still have over 30M acres of corn and over 50M acres of beans that still haven’t been planted.
Major weather models are in good agreement in calling for a tropical system to move in over the Southeast that will shift the wet weather south and out of the Northern-half of the Corn Belt. This will allow farmers from Nebraska in the west clear across the I-80 corridor all the way to Ohio and points north to make an 11th hour push to get as many acres seeded before the next round of showers and storms move through.

It’s being reported (unconfirmed) that USDA Secretary of Agriculture Sonny Perdue changed his statement today regarding Prevent Plant acres counting toward Market Facilitation Payments. Initially he said that they would not when the program was announced. Last week he said that they may, but that farmers would not be told probably until July. Today he reportedly stated that he hopes to have “a definitive answer” by the end of this week. That could dramatically impact decisions on Prevent Plant.

Have a Safe Day!

Garry Gard