The U.S. average corn yield can still be high with more than the normal amount of the acreage planted after the optimum date, but yield would be expected to be lower than if most of the crop had been planted in a timely fashion, he said.
"The weakening La Nina weather system provides some hope that the Corn Belt will not experience stressful summer weather and that the U.S. average corn yield can still approach a trend level," he said.
Reports suggest that planting made good progress last week in northern Illinois, Iowa, and Nebraska, but planting delays look to be more severe in the rest of the country. Corn acreage may exceed intentions in areas now being planted rapidly but could fall short of intentions in the extremely wet areas.
"Unlike the previous price declines over the past nine months, corn prices may have more difficulty rebounding from the current decline if the USDA increases the projection of year-ending stocks. Prices will likely now depend more on planting progress and crop development," he said.