Midwestern corn and soybean farmers are continuing to make slow progress toward planting this year’s crops, increasing expectations that millions of acres will be left unplanted.
Some private companies are forecasting losses of over a billion bushels of corn due to unplanted or late planted crops, which could create the tightest supply in decades. Market watchers are now awaiting the next official forecast from the U.S. Department of Agriculture, due next Tuesday.
Despite the ongoing concerns, corn and soybean prices fell this week amidst the newest trade dispute with Mexico and market concerns that prices had gone too high too fast.
As of midday Friday, this falls’ December corn futures and November soybean futures traded for $4.35 and $8.83 per bushel, respectively.