U.S. rainfall this summer probably won’t be enough to restore soil moisture in corn, soybean and wheat-growing areas after a drought last year that was the worst since the 1930s, according to Drew Lerner, the president of World Weather Inc.
The weather will be “much improved” from 2012, when crop production fell in the U.S., the world’s biggest exporter of corn, wheat and soybeans, Lerner said today in a report. The rain still won’t be enough to counteract the effects of the drought, and parts of the northern and southern Great Plains will be among the driest this summer, he said.
“Large moisture deficits will prevail in the Plains and in a part of the western Corn Belt,” Lerner said. “That may be a constant worry because rainfall will not be abundant enough to restore soil moisture to normal.”
Wheat futures jumped 19 percent in 2012, the biggest gain among 24 commodities tracked by Standard & Poor’s GSCI Spot Index. Corn rose 8 percent, and soybeans surged 17 percent.
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