The grain markets have been through a period of decline, but there are signs of recovery. Last week, corn and soybean futures saw gains, though some traders remain cautious. There is still some fluctuation in the market and uncertainty over planting conditions.
Ohio farmers are among those preparing for the first production numbers from the U.S. Department of Agriculture, which are due on May 12. Despite some delays caused by cool and damp weather, the U.S. is still ahead of its five-year average for planting progress, with 49% of the corn already planted. Farmers in Ohio are likely to be a key contributor to these planting statistics.
However, with only a week left to plant 26% of the corn crop, traders are cautious about potential losses due to late planting. Soybean planting progress is also ahead of average, with 35% of the crop already planted.
The old crop price of corn is still being influenced by the supply from the 2022 crop, as well as exports and domestic demand. Meanwhile, the new crop price is more focused on planting weather and assumptions about the size of the 2023 crop.
Overall, farmers and traders are eagerly awaiting the USDA Crop Progress Report, in hopes of favorable news and signs of continued revival in the grain markets.
Photo Credit: GettyImages-giovanni1232
Categories: Ohio, Crops