Wednesday, June 25, 2008

Corn futures climb higher on weather concerns

Get used to this headline, we'll be seeing it for a while.
From MarketWatch:
Corn futures rose Wednesday on concerns that cooler weather in the Midwest could slow the growth of corn crops, which have already been damaged by massive flooding.

Other agriculture commodities futures also moved higher as the dollar edged lower after the Federal Reserve hold the key interest rates unchanged at 2%.

Temperatures in the Corn Belt, where Iowa, Illinois and other top corn producers are located, have averaged two to four degrees below normal in the past week, according to

"If it continues, it will push back the corn's maturation date," said Dale Mohler, senior meteorologist at AccuWeather. Cooler temperatures can potentially translate into a delayed harvest, he said....MORE