Home / Markets / Markets Analysis / Soybeans market / Rain, crop concerns send corn, soybeans higher

Rain, crop concerns send corn, soybeans higher

05/28/2013 @ 2:56pm

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.

VIDEO 

MORE VIDEOS >> 


-Write to Ian Berry at ian.berry@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
May 28, 2013 14:56 ET (18:56 GMT)
DJ U.S. Corn, Soy Futures End Higher on Rains, Crop Concerns->copyright


Sign up for our Market Email Alerts!

 

CancelPost Comment
MORE FROM DOW JONES NEWSWIRES more +

More Pig Losses Seen, Smithfield Says By: 05/14/2014 @ 7:55am The swine industry is struggling to contain a deadly virus that's sweeping U.S. hog farms…

Senators Turn Up Heat on Railroad Companies By: 05/13/2014 @ 11:39am Four Midwestern U.S. senators add their voices to a growing chorus of farmers, ethanol producers…

Summary of Friday's WASDE Report By: 05/09/2014 @ 2:53pm The following table is provided as a service to Wall Street Journal subscribers in conjunction…

MEDIA CENTERmore +
This container should display a .swf file. If not, you may need to upgrade your Flash player.
Can Corn Catch Fire in September?