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.
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