Purdue agricultural economics faculty released a nice paper detailing the options associated with prevented planting that is available here. They have a spreadsheet for evaluating options at that site.
Purdue’s analysis generally finds planting corn more favorable than materials posted on farmdoc daily here and here. Part of the reason for this is assumptions associated with costs of planting corn. Purdue uses $244 per acre in costs while farmdocDaily posts use $395 per acre. Much of this difference deals with assumptions regarding what has been applied and what are sunk costs. Decisions look different if many inputs have already been applied.
Emerson Nafziger discusses late planting in an article entitled “Too Late to Plant?” available here. He notes that yields should be reduced by 25 percent from their maximum when planting occurs in early June.
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