Corn, Wheat Spike After U.S. Cuts Forecasts on Midwest Flooding
- Midwest deluge spurs 9% reduction in output estimate by USDA
- Prices rise most this month; 2019 through May is wettest ever
Water floods a cornfield in Malden, Illinois on May 29, 2019.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Corn’s waning rally snapped back to life after the U.S. government predicted a deluge in the country’s grain belt will harm supply more than analysts expected.
In a report Tuesday, the U.S. Department of Agriculture said domestic corn yields would be the lowest since 2013 as relentless rain keeps planting progress at the slowest pace on record. This season’s output will be 13.68 billion bushels, the USDA said. Analysts expected 14.04 billion on average.