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Corn-Crop Delays Signal Price Gain as Farmers Switch to Soybeans

U.S. corn farmers are running out of time to plant this year’s crop after wet weather swamped fields from North Dakota to Ohio, signaling higher costs for livestock and ethanol producers as growers switch to soybeans.

About one-fifth of the corn crop had yet to be sown as of May 22 in the U.S., the world’s top producer and exporter, government data show. In Ohio, where some areas got 10 inches (25 centimeters) of rain in the past month, the pace of seeding was the slowest in 15 years. Fields planted after mid-May yield less, while soybeans can be sown until late June.