On our farm in SE Nebraska corn planting is complete and beans are underway. The balance of the central corn states are making progress on corn plantings and are likely on pace with the five-year average. While north of I-90 weather is limiting planting. This is still within normal range, but if cold and wet conditions continues to linger then upside potential in the market is possible.
Some are suggesting that wheat may be damaged by cold temperatures, which may motivate farmers to put it up for hay, or tear it up and plant it to corn. Others say the cold weather may reduce test weight but increase protein levels. There is still a lot of wheat in storage from last year with low protein and heavy test weight, this could ultimately provide for great blending opportunities and limit any upside potential. Without a wheat rally it will be very difficult for corn futures to move significantly higher.