Don't Expect Replant Problems To Show Up In Markets This Spring
August 17, 2017
August 17, 2017 by Ashley Davenport
Wet weather across the Corn Belt has plagued farmers. While rain delays have prevented some from doing any work in the field, others are going to have to replant their crops. For those that were able to get the seeds in the ground, some will have to replant the replant after weeks of wet and cold weather.
During AgDay’s I-80 Planting Tour, it was difficult to find farmers who were planting. Ken Ferrie, Farm Journal agronomist, is based near Bloomington, Ill. He says during his 30 years in agronomy, this is the most replant he’s seen across the state, especially in the middle two-thirds.
With June around the corner, farmers in the Midwest are facing the decision of switching from corn to soybeans.
According to Ted Seifried, vice president and chief market strategist of Zaner Ag Hedge, the dilemma of replanting may not show up in the commodity markets this spring.
“We had a ton of flooding in Argentina [last year],” he said. “USDA started a 57 million metric ton soybean crop. The trade brought that number down to 51-52 million, and where did we end up? 57 million. The moral of the story is for whatever’s not flooded out, the yield potential still is very much there.”
Seifried still expects to see some type of rally this year, but that may come when farmers least expect it.