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.
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.