Weather Worries Farmers

This spring was one of the wettest on record, drenching Midwestern fields and slowing down spring planting.

At this point, corn and soybean planting is still nearing complete, but is a bit behind schedule. Even as the final acres are planted, some producers are worried about the condition of the corn and soybean crops. Plants that develop during a wet spring typically don’t build a deep root system, which can make them especially susceptible to dry weather if it hits later in the summer.

However, summer precipitation is forecast to be normal, although Illinois, Indiana, and Ohio could have warmer than typical weather, which could stress the crops.

For now, the futures markets are focusing on the relative abundance of grains left over from last year and the prospect for another large harvest this fall. The huge stockpiles have pushed soybean prices to a 13-month low near $9.00 per bushel while corn prices continue to languish under $4.00 per bushel.