News

Corn planting ramp up pushing down markets

An ag economist is expecting around a quarter of the national corn crop to be planted this week which Ben Brown says is already impacting the market.

“After the forecast for this week turned dry across Illinois, Iowa, and northern Missouri, the markets took a pretty significant plunge,” Brown said.

And the University of Missouri economist said continued forecasted warm, dry weather in several key growing states will continue adding downward pressure to the market.

“Especially in Missouri, Illinois, Indiana, southern Iowa, [and] Ohio,” he said.

But he tells Brownfield delays in other states will likely hold the market from a major sell off.

“Southern Minnesota, South Dakota, and southeast North Dakota have quite a bit of corn acreage in those areas,” Brown said. “And those folks aren’t going to be able to get planters rolling until [the] end of the week; parts of Ohio too, southern Ohio.”

Brown made his comments on this week’s Brownfield Weekly Commodity Market Update.