Moisture came to about two-thirds of the country last week, dropping heavy precipitation from the southern Great Plains northeastward into the northern Appalachians. But many areas remains in significant drought.
USDA says farmers intend to plant 97 million acres of corn in 2020. As COVID-19 acts as an anchor on the markets, and the ethanol crisis continues to unfold, some analysts say 97 million acres could be a stretch.
Drought, prolonged cold weather, and the resulting lengthen winter grazing season, all contributed to a slow green-up in the Midwest this year. University of Missouri's Craig Roberts says focus on the second hay cutting.
With a large increase in corn acres, and declining ethanol demand, the U.S. could be swimming in supplies. That’s why one analyst thinks there's downside price risk with putting corn in the ground this year.