The USDA has released its planting progress report, confirming what everyone has been seeing out their window. As of June 2, an estimated 31 million acres of intended corn remains unplanted.
In the last week, U.S. growers only gained 9 per cent in corn planting progress, and of the planted acres, 46 per cent of the corn is emerged, compared to the five year average of 84 per cent.
— Matthew Pot (@MatthewPot) June 3, 2019
With a record low number of acres planted, farmers in parts of the country are studying their options. A recent Farm Journal poll shows that one-third of US corn growers surveyed plan to file for prevent plant payments.
“There is no question that achieving trend line yield of 176 bushels per acre looks to be out of reach for 2019,” says Shaun Haney of RealAgriculture, adding that beyond planting progress there is still further concern that this summer’s weather pattern will be cooler than usual.
Users of corn – like feedyards and ethanol plants – are starting to recognize the significance of the supply issue building if this weather does not turn around in the midwest.