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Corn and Soybean prices

ihhawk

HR Legend
Feb 4, 2004
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Fort Lauderdale
Last week the price of corn went up about 30 cents. Soybeans increased as well. The reason being the extremely wet spring that has prevented a massive amount of corn to be planted. We have discussed that in other threads.

On some of the Ag market programs last weekend they indicated that the prices probably wouldnt increase much more because the lack of planted acres is now baked into the price.

For the farmers on the board, how the hell does that make any sense? May 31st is the crop insurance cut off date. In a lot of areas, there is no way that the corn will be planted by that date. We are about to see the largest amount of preventative planting insurance ever taken in the history of the program....and that equates to only a 30 cents bump.
 
Too much rain rarely means a bad crop when all is said and done. That said, my two fields haven't been planted yet.
 
Too much rain rarely means a bad crop when all is said and done. That said, my two fields haven't been planted yet.
Once its in the ground it usually isnt a big deal. The problem is that it isnt in the ground...and a lot of areas it wont be in the ground before the cutoff date.

It could be 15% of the corn acres....and thats only 30 cents?
 
Last week the price of corn went up about 30 cents. Soybeans increased as well. The reason being the extremely wet spring that has prevented a massive amount of corn to be planted. We have discussed that in other threads.

On some of the Ag market programs last weekend they indicated that the prices probably wouldnt increase much more because the lack of planted acres is now baked into the price.

For the farmers on the board, how the hell does that make any sense? May 31st is the crop insurance cut off date. In a lot of areas, there is no way that the corn will be planted by that date. We are about to see the largest amount of preventative planting insurance ever taken in the history of the program....and that equates to only a 30 cents bump.
30 cent bump, so far. Markets are up again this morning. We are losing acres and yield every day/week it stays this wet.

Darin Newsom, typically a perma-bear, said on M to M on Friday the 'technical indicators' have now turned bullish for corn, wheat and cattle. This should prompt the funds to start/continue to liquidate their shorts.
 
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Everyone is going to get a really good idea of the corn acres when that planting deadline comes and goes. It will be an end to corn planting after those days. You cant take preventative planting and then later plant the corn.

True. ^^ But another factor to consider is this...some guys already have their herbicide down in the anticipation of planting corn. They may, or may not, plant corn even after the June 1st cut off because they are essentially "pot committed" now and can't switch to beans.

It will either be corn, not protected by insurance, or perhaps milo, or something like that that, or nothing. Trying times and tough decisions for farmers right now. Corn planted after the insurance deadline is risky, but could pay off nicely if the per bushel prices are up.
 
True. ^^ But another factor to consider is this...some guys already have their herbicide down in the anticipation of planting corn. They may, or may not, plant corn even after the June 1st cut off because they are essentially "pot committed" now and can't switch to beans.

It will either be corn, not protected by insurance, or perhaps milo, or something like that that, or nothing. Trying times and tough decisions for farmers right now. Corn planted after the insurance deadline is risky, but could pay off nicely if the per bushel prices are up.
The farmer will have to take preventative planting after that date or run the risk on a late planted corn with no insurance. If you do take PP, no more consideration of planting anything.
 
The farmer will have to take preventative planting after that date or run the risk on a late planted corn with no insurance. If you do take PP, no more consideration of planting anything.
Incorrect. The preventative corn planting relates to your APH and your crop insurance price. You can plant something in the field after May 25th however, it cannot be harvested until November 1st. This is Iowa by the way, dates are different in other states.
 
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