Today is Memorial Day 2011. We are in an "extreme drought" by definition. You don't have to have any definitions to realize the situation is bad.
They had predicted rain for the end of last week but what rain we got was light or non-existent and the drought continues at a time when we need to be planting our crops.
The major task farmers found themselves doing during the holiday weekend was irrigating where systems are in place. Corn and cotton are occupying the majority of irrigated acres. An ag chemical salesman suggested to me peanut acres will be just slightly over 400,000 acres in Georgia if the weather does not break. If this comes to pass we will most definitely see 1990 highs for peanut prices. Farmers who have not contracted may find the loan a very viable option. It has actually worked for farmers who waited to put peanuts in the loan after January 1, the past two years.
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