Noting that higher temperatures could cause problems in the corn yield, the price of corn futures increased today, closing up by 12 cents to $5.94 a bushel. December corn also increased by a little over 12 cents, finishing the session at $6.13 1/2.
The concern is over how well the corn pollinates during this crucial time, as too warm weather could hamper the yield results.
Even with the strong response of buyers, the warm weather isn't anticipated to stay too long, and hopefully will just be a temporary blip.
Drew Lerner, an agricultural meteorologist at World Weather Inc. said, "We shouldn't have more than just a few days of stressful conditions in the eastern part of the corn belt."
Other factors were concerns by end-users that other variables like a late growing season, early frost and increased export demands could impact them down the road, so they wanted to lock inventory in so they don't lose out later in the year.
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