The flooding in the Upper Midwest has corn crops well behind the curve, whether from delayed planting, or delayed growth. Soybean plantings are also running late.
Result? Corn futures prices hit a record $6.57 yesterday.
Wheat is looking better, at least in the U.S. However, predictions that Australia would emerge from drought seem to have been somewhat premature. Most wheat farmers there have been unable to plant, it’s so dry.
And, we haven’t even factored in that potential $150/bbl oil.
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