May 2022 Dakotas and Upper Midwest Region Market Briefing
Introducing Nicole Tonak - Market Advisor Regional Representative covering the Dakotas and Upper Midwest Region
I started with FBN in 2019 as an outside Farm Market Advisor working for local producers helping to manage their grain marketing risk. Prior to FBN I honed my risk management skills by working for a brokerage company and with Cargill as both a Contract Service Rep. and Farm Market Advisor. I grew up in, and still reside in East/Central South Dakota. I enjoy working with producers, and learning about their farm business to further understand and assist in marketing strategies for their operations.
Cooler, wet weather through May has caused significant planting delays throughout the Upper Midwest, especially in the Dakotas. May 22nd US corn planting report was 72%, second slowest for the date in more than 25 years. North Dakota however came in at only 20%.
As the Crop Insurance Deadline of May 25th for corn has passed, producers are contemplating the production risks of late planting, changing their acres, or filing for prevent plant. Spring Wheat acres, also in limbo as we close out May, are causing additional strain.
If you have any questions as to what decision is best for your Farm Business, contact your crop insurance agent or market advisor. One last Storm system will move through the end of May, before June brings the area warm/dry weather. This will allow a few good planting days ahead of the June 10th Soybean deadline for crop insurance. Old/New crop Basis levels remain steady and currently better than average.
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