Corn futures rose from a four-year low after some severe weather spurred supply concerns in the U.S., the world’s top producer. Soybeans snapped the longest slump in four decades, and wheat rebounded.
Golf ball-sized hail last week smashed some corn and soybean crops in Nebraska, and “widespread flash flooding” occurred in parts of central Illinois over the weekend following “copious amounts of rain,” the National Weather Service said. Corn prices fell in the previous two weeks, partly on government forecasts for the second-biggest domestic crop ever.
“There were some weather extremes downstate and pretty heavy rainfall over the weekend,” Steve Erdman, the president of EFG Group in Chicago, said in a telephone interview. “I think that reminds people that although we have tremendous potential, that could be disrupted. We could lose acres.”
Corn futures for December delivery rose 0.9 percent to close at $3.8825 a bushel on the Chicago Board of Trade. Earlier, the price touched $3.8025, the lowest for a most-active contract since July 28, 2010.
Soybean futures for November delivery rose 1 percent to $10.8625 a bushel. The oilseed fell in the previous 10 sessions, the longest slump in 41 years.
Wheat futures for September delivery climbed 2.2 percent to $5.3775 a bushel. Earlier, the price touched $5.2425, the lowest since July 7, 2010.
Rice futures for September delivery dropped 2.3 percent to $12.895 per 100 pounds. The price touched $12.815, the lowest since March 17, 2011.