US Corn Planting Slightly Behind Normal – 04/26/2021

Farmers had seeded 17% of intended corn area as of 4/25/21 compared to the preceding five year average of 20%.

 New crop corn is not yet the dominant force in the corn market as evidenced by old crop contracts gaining on new crop futures. Inverting spreads are the classic symptom of a very tight old crop carryout. Nevertheless, the corn industry needs more acreage than indicated last month or better than trend yield to cover prospective new crop US corn usage. Getting the crop in on time would be one step toward ensuring more ample corn supplies for the 2021/2022 crop year.