Corn Rallies to $3.20 on Midwest Rain

Corn futures rebounded from a five-year low and soybeans climbed from the cheapest since 2010 on speculation that rain in the Midwest will delay the harvest in the U.S., the world’s biggest grower of the crops.

By midweek, showers will travel east across the Corn Belt, ending Oct. 4, Commodity Weather Group said in a report. Dry weather is expected six to 10 days from today, followed by more rain, the Bethesda, Maryland-based company said. Prices have tumbled this year on the government’s outlook for the largest crops ever.

“The forecast brings more moisture into the Midwest than seen on Friday, which would bring a slowdown in harvest for a few days,” Greg Grow, the director of agribusiness at Archer Financial Service Inc. in Chicago, said in a telephone interview.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.