An unforeseen war has contributed to spiking grain prices. At the same time, planting is getting historically late.
What a time we live in.
Prices were sharply lower last week as predictions of improving weather caused traders to believe planting would catch up. They were wrong.
We are now getting historically late, with the optimum planting date passed in all states, and corn now grossly underplanted.
Ohio planting, according to U.S. Department of Agriculture, is at 5%, up from 3% last week. Last year, we had 26% done by now, and 27% is our average.
The U.S. corn crop is 22% planted, up from 14% the week before. Last year at this time, we had 64% in. The average for the date is 50%.
Soybean planting is a similar depressing mess. Ohio has 4% of the beans in, up from 2% last week. Last year we were at 20%, and the average is 14%.
The U.S. has planted 12% of the beans, up from eight percent last week. Last year we had 39% in, and our average is 24%.
This planting news has resulted in a disappointing reaction, with December corn futures unchanged on May 10, but November soybeans up eight and a quarter cents.
