Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

Slow start to U.S. planting threatens corn production

Commodities Apr 21, 2022 01:41PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A corn field stands ready for harvesting on Gormong near Terre Haute, Indiana, U.S. October 29, 2019. REUTERS/Bryan Woolston

By Mark Weinraub and Julie Ingwersen

CHICAGO (Reuters) - U.S. farmers are off to a slow start in their corn planting this year and farmers in many key growing areas will likely remain sidelined for much of the next two weeks as the latest forecasts show showers and cool temperatures in the southern Midwest and Mississippi River Delta.

A big U.S. crop is needed this year to help fill the gap in supply left by Russia's invasion of Ukraine, which has left grain stocks from last year stranded in that key export country and threatens to curtail production in 2022 as farmers there are unable to plant due to the fighting.

"It is incredibly important that we produce a maximum crop to keep prices stable," said Sterling Smith, director of agricultural research at AgriSompo North America. "We are going to need perfect weather and right now we do not have perfect weather."

Chicago Board of Trade corn futures have surged 17.5% since Russia's invasion, with the most-active contract nearing a 10-year high, as importers have scrambled to find alternative suppliers for their grain with Ukraine's export ports shut down.

The International Grains Council cut its forecast for 2022/23 world corn production by 13 million tonnes to 1.197 billion on Thursday. Ukraine is the world's fifth biggest corn producer, with farmers harvesting 41.9 million tonnes in 2021.

The U.S. Agriculture Department said that 4% of the U.S. corn crop had been seeded as of April 17, down 3 percentage points from a year earlier and below the five-year average of 6%. Farmers in major production states such as Iowa, Illinois, Indiana and North Dakota had not seeded any corn yet. [US/COR]

"This has been a spring that's had trouble getting started," said David Streit, a Commodity Weather Group meteorologist.

More rain was in the forecast this weekend for southern areas of the Midwest where farmers are typically running planters by now. And then cold temperatures return next week following a brief warm-up, Streit added.

U.S. farmers aim to have their corn seeding finished by the middle of May as yield potential can be reduced by about a bushel per acre for each day their crop is planted past that deadline.

Slow start to U.S. planting threatens corn production
 

Related Articles

Energy & precious metals - weekly review and outlook
Energy & precious metals - weekly review and outlook By Investing.com - Nov 27, 2022 21

By Barani Krishnan Investing.com - When you hear it from Jim Cramer, you know enough people are talking about it. From oil-producing nations to day traders who are long crude,...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email