Crop Progress & June Acreage Could be Really Bearish
There is a rule of thumb for marketing that says "Consider the crop year normal until that is no longer the case." The May 22nd USDA Weekly Crop Progress report - despite the rainy weather - tells us the nation's farmers are on pace this season. They've planted 84% of the corn crop and 53% of the soybeans. For University of Illinois Agricultural Economist Todd Hubbs this suggests, at a minimum, farmers need to really think about making new crop soybean sales prior to the USDA's June 30th Acreage Report. Hubbs writes about commodity prices each week for the University of Illinois. Those articles are posted to the farmdocDaily website each Monday.