Planting is now in full swing across much of the Corn Belt, with some regions already reporting to be done. This is still very much a factor in price discovery because it will provide a much clearer indication of actual acres of corn and soybeans.
Weather will become more of a factor in the market now as any indication of conditions that may negatively impact yields will receive attention.
Not only does the United States need more acres of both crops to replenish reserves, but no less than trend yields as well. This will keep more risk premium in the market than we have seen in recent years, likely right up to the start of harvest.
Even though planters are still rolling, some are looking past this and focusing on other factors. One that is becoming more of a topic is what we will see for farmer movement following the planting season.
Typically we see country movement increase once the new crops are planted, but given the large amount of inventory that has already been...