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Planting delays help support corn and soybean futures

Planting delays have helped support corn and soybean futures this week.

Global Commodity Analytics president Mike Zuzolo says despite a negative USDA supply and demand report Friday and bearish news on the trade front, Monday’s crop progress report generated some support for the corn market.

“A lot of people talk about 1993 (and) 2013, but this year seems a lot different to me when it comes to the percentage of prevent plant acres that we may see if next week’s weather comes in as advertised and very, very wet.”

He tells Brownfield there will be opportunities the next few days to catch up in some places where planting is way behind.

“If we don’t get that dry spell though, I think that prevent plant number is going to skyrocket, mainly because of the prices but also obviously because of the weather.”

Zuzolo says he doubts USDA’s expectations of nearly a 2.5 billion-bushel carryover for new crop corn can be realized if conditions remain wet for another week.