WATSEKA - Everyone in the ag industry is glad prices made lows on Monday before rallying higher this week.
Merrill Crowley with Midwest Market Solutions in Watseka says this is basically our first weather market of the year. Part of this is due to low corn and soybean planting progress around the country. Markets rallied through Wednesday morning and stayed up through midday when new weather reports came out and they pulled back.
“That pull back I think is due to a little bit of change in the weather forecast and reports of some people (planting) in different areas,” Crowley told The Central Illinois Farm Network.
Some areas of the country are drying out and today’s farmers can cover quite a bit of ground in a short period of time.
“I read somewhere where in 2018, we did 400 acres a minute,” Crowley said.
Current weather forecasts still indicate wetness next week. If the rain falls all at once, most growers will stay out of the fields but if it only falls a little at a time, farmers can work through it. Crowley reminds producers that we went from 28 percent planted on May 12, 2013 to 71 percent the following week.
Crowley anticipates the rally remaining for a bit longer. Midwest Market Solutions in Watseka can be reached at 815-432-2220.