The weather-related events in North America are keeping farmers in the United States from planting their crops. One article I read last week indicated that corn planting by mid-May was only at 30%, whereas it typically is at 66% most years. This has caused the price of corn to leap higher and higher! The chart below shows the price of corn, but is similar for other food and grain commodities also!
"The talk between traders is that "prevented planted" acres
for corn may be as high as 5 million acres," said Ole Houe,
director of advisory services at brokerage IKON Commodities.
"Whereas in the past, we have never seen it above 3.6
million acres and then there is the debate over "yield drag"
from later planted corn."
Showers over the next 10 days are threatening to further
slow planting from the Dakotas to Illinois, regions that have
endured torrential rain this spring, the Commodity Weather Group
said.
