Thread: Farmers facing disaster

Straight-Up Disaster Looming For US Soy, Corn - Plantings Weeks Late, Approaching Cut-Off

EDIT

2019 is turning out to be a nightmare that never ends for the agriculture industry. Thanks to endless rain and unprecedented flooding, fields all over the middle part of the country are absolutely soaked right now, and this has prevented many farmers from getting their crops in the ground. I knew that this was a problem, but when I heard that only 30 percent of U.S. corn fields had been planted as of Sunday, I had a really hard time believing it. But it turns out that number is 100 percent accurate. And at this point corn farmers are up against a wall because crop insurance final planting dates have either already passed or are coming up very quickly. In addition, for every day after May 15th that corn is not in the ground, farmers lose approximately 2 percent of their yield. Unfortunately, more rain is on the way, and it looks like thousands of corn farmers will not be able to plant corn at all this year. It is no exaggeration to say that what we are facing is a true national catastrophe.

According to the Department of Agriculture, over the past five years an average of 66 percent of all corn fields were already planted by now…

U.S. farmers seeded 30% of the U.S. 2019 corn crop by Sunday, the government said, lagging the five-year average of 66%. The soybean crop was 9% planted, behind the five-year average of 29%.

Soybean farmers have more time to recover, but they are facing a unique problem of their own which we will talk about later in the article. But first, let's take a look at the corn planting numbers from some of our most important corn producing states. I think that you will agree that these numbers are almost too crazy to believe…

Iowa: 48 percent planted - 5-year average 76 percent

Minnesota: 21 percent planted - 5-year average 65 percent

North Dakota: 11 percent planted - 5-year average 43 percent

South Dakota: 4 percent planted - 5-year average 54 percent

EDIT

I would use the word "catastrophe" to describe what Illinois farmers are facing, but the truth is that what they are going through is far beyond that. Normally, if corn farmers have a problem getting corn in the ground then they just switch to soybeans instead. But thanks to the trade war, soybean exports have plummeted dramatically, and the price of soybeans is the lowest that it has been in a decade. As a result there is very little profit, if any, in growing soybeans this year…

EDIT

https://seekingalpha.com/article/426...Z-zNc#comments
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