Grain prices rallied Friday, May 24 on news about continued wet weather in farm country. Corn futures topping $4 with wheat now in the $5 range. Weather officials at NOAA confirming this past year is the wettest on record for much of the corn belt.
Jim McCormick with AgMarket.net spoke with AgDay's Clinton Griffiths about the weather market developing in grains and making the right financial decision.
"We saw a lot of volatility last week when these different leaks about this new market facilitation payments came out," says McCormick. "My best advice to producers out there is you need to get a hold of your insurance guy to find out how your prevent plant will work."
McCormick says this market is probably only going to get more volatile, not less volatile into the summertime.
"Make sure you look on your farm individually because everyone's going to be a little bit different when going from farm-to-farm, county-to-county and state-to-state," says McCormick. "The fact of the matter is, we're looking for about 60% of the crop to be planted but coming out of Memorial Day weekend we should be closer to 90%-93% planted."
As grain markets rise on planting issues, now's the time to decide how long to try or just take prevent plant.
"We're getting to the levels where guys are going to have to make the decision," says McCormick.
Watch the video to hear Jim's entire comments.