Corn Futures Hit 5-Year High, Planting Progress Slowest in Four Decades

Flood waters have receded in portions of the US Midwest, but heavy rains and severe thunderstorms are forecast for the coming days and they will likely lead to further complications for farmers.

The weather this spring has caused delays in planting across the US. Farmers entered June with planting progress at its slowest pace in nearly four decades. The Department of Agriculture has cut its projections for corn production to a four-year low.

On Friday, the corn futures contract for July jumped 2.5%, to settle at $4.5325 a bushel, the highest price since mid-2014.

As of Sunday, farmers had planted 83% of their corn crop, down from the five-year average of 99%. The soybean crop was 60% planted, well below the average of 88% average.

 

 

Photo: “corn spouts” by Justin Leonard is licensed under CC BY 2.0

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