Corn rose the most in two weeks on speculation that persistent wet weather in parts of the Midwest will delay planting and curb yield potential of the biggest U.S. crop. Soybeans and wheat also gained.
About 36 percent of the Midwest was dry enough for corn planting during the weekend after rain last week, T-Storm Weather LLC said in a report today. More rain starting May 16 will add to delays, the forecaster said. Corn was planted on about 28 percent of the intended acreage as of yesterday versus a five-year average of 65 percent, U.S. Department of Agriculture data show.
“Less than half the corn crop will be planted by May 15, which is the date that agronomists say will begin to take the top end off yield potential,” Greg Grow, the director of agribusiness for Archer Financial Services Inc. in Chicago, said in a telephone interview.
Corn futures for July delivery advanced 3 percent to settle at $6.555 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain for a most-active contract since April 29.
Wheat futures for July delivery rose 0.8 percent to $7.0975 a bushel in Chicago.
Soybean futures for July delivery climbed 1.4 percent to $14.1925 a bushel on the CBOT.
To contact the editor responsible for this story: Steve Stroth at firstname.lastname@example.org