Traders in Chicago aren’t taking notice of the wet weather and flooded fields just yet.
Wayne Nelson of L&M Commodities in New Market, Indiana says most of the creeks in his area are out of their banks and many fields are flooded. In fact, a good chunk of corn will likely need to be replanted in parts of Indiana and Illinois.
“It doesn’t look like the boys from Chicago seem to figure out that’s what is going on in a good part of the Midwest,” Nelson told The Central Illinois Farm Network Thursday afternoon.
Corn was down 7, nearby beans were unchanged but new crop beans were down over 5 cents. Wheat was even down despite the recent snow out west. As markets were lower on Thursday, funds were big sellers. Also, a recent wheat tour showed good yields and any recent damage has not been taken into consideration. It could be around 10 days before the extent of snow and frost damage is known.
Nelson admits it is difficult to say what to do when it comes to marketing at this point.
“We think down the road we are going to see that this is going to be a little late planted crop and they’re going to have to reduce the yield some.”