The corn planted number on yesterdays USDA progress report showed just 17% of the corn crop planted vs the average of 27%:
But this is actually starting to catch up. Last week was just 5% planted and since that 27% number was reported, planters have been very active in numerous locations.
The slowest planting pace for this date was in 2013, when just 5% of the crop was planted so this is not all that unusual but its slow enough to be a drag on expected yields and 2018 production estimates.
As always, the growing season weather will count the most.
If everything one reads is to be believed, at 88 million acres, unless corn is a bin buster crop, there is going to be a draw down of corn stocks.
If that is the case, ANY negative deviation from the norm is going to be amplified.
You're the weather man and you know that good weather and upcoming planting progress is dialed in. Now the market is waiting for the next storm system to slow planting down and I would bet the market is also keeping an eye out for any drying conditions as well.
That mid-south/southwest group of states might grow small amounts of grain, but I think we are going to need every acre this year.