Corn futures extended their gains into a third session Friday, reaching a record as weather forecasts called for rains in the Midwest, which have already delayed crop development, to continue. Prices of soybeans and wheat also moved up.
"Probably the biggest contributor to the rising prices is the scope of heavy rains that have fallen in the past couple of weeks," said Dale Mohler, senior meteorologist at AccuWeather. Rainfalls have left crop fields saturated, halting the planting of soybeans and delaying corn seeds' development, he said.Weather reports predicted that excessive midwestern rain will continue, likely pushing corn and soybeans prices higher. The National Weather Service forecasts above-normal precipitation in the region over the following ten days.Corn futures for July delivery rose to $6.58 a bushel in Friday's trading on the Chicago Board of Trade, a new record for the grain's front-month futures contract. It last changed hands at $6.5575 a bushel, up 12.5 cents, or 1.9%.July soybeans added 30 cents, or 2.1%, to $14.83 a bushel.Government data illustrated how planning and development of crops have been delayed by the recent rains. The Department of Agriculture reported as of June 1, 74% of corn seeds had emerged in the top 18 producing states, compared with 92% a year ago....MORE
And that, boys and girls, is why we post the Crop Progress Report every Monday after the 4:00 p.m. release.