Corn farmers have been hard at work planting this year’s crop, and now have over half of their acreage planted nationwide after this week’s dry weather let them get into their fields. On average, those farmers are a full week ahead of schedule, putting downward pressure on corn prices.
Early planting removes the annual threat of unplanted acres, but it also increases yields over the course of the growing season, which could boost the overall crop size.
As a result, corn prices fell to a three-week low on Thursday, nearing $3.70 per bushel.
Meanwhile, wheat farmers are getting ready to harvest the winter wheat crop that they planted last fall. The wheat is looking great, with the leading producer, Kansas, set to produce the largest crop in over a decade. This knocked Kansas City wheat to a nine-year low, with May KC wheat dropping to $4.38 per bushel.