Corn and Bean Markets Frustrating

Farmers have a hard time understanding why corn prices are not moving sharply higher. Right now it is almost as if the market forgot about the millions of acres of Prevented Plant acres. The market does not seem to be concerned with all the corn acres that were planted very late or the wet areas in most fields where the corn drowned out or is stunted because it was soo wet. It seemed all it took was a couple of weeks of more normal weather and traders assume the crop is getting bigger!

It was the same story in soybeans. The major theme of farmers across the entire Midwest is the beans were planted late and are very short. Not to mention the holes in the fields from standing water. There was an official from the USDA that was quoted as saying the USDA Risk Management Agency keeps a running total of Prevented Plant acres. He said it could end up being 15 to 20 million acres! Needless to say the market does not believe it. Very frustrating!