(Agriculture.com) – U.S. corn and soybean futures surged Tuesday, rallying after soggy weather across the Midwest prompted worries about this year’s corn and soybean crops.
Excessive rains across much of the northern and western Midwest, particularly Iowa, boosted the market, as traders focused on the potential acreage that could be lost. The rains are delaying both corn and soybean planting, and could prompt some corn farmers to replant their field. A wet weather forecast for this week is adding to the concern.
The rains were particularly supportive to deferred contracts, which had underperformed the near-term contracts recently because of expectations farmers would harvest a huge crop this year.
While traders said the potential for a large crop remains if summer weather is favorable, late-planted crops are considered more vulnerable to an early-season freeze.
With the market closed but prices not yet settled, corn for July delivery at the Chicago Board of Trade was up 9 1/2 cents, or 1.4%, to $6.66 3/4 a bushel, while December corn was up 14 3/4 cents, or 2.7%, to $5.51 1/4.
July soybeans were up 32 3/4 cents, or 2.2%, to $15.09 a bushel.
July wheat was down slightly, dipping 3 3/4 cents to $6.93 3/4.
