Corn Prices Jump on Weather Forecast

The price of corn continues to soar as the latest weather forecast offers little hope of rain any time soon for the important Midwest area, especially in Iowa and Illinois, which together account for about 30 percent of the corn yield in the United States.

Since the middle of June corn prices have jumped 30 percent, and could soar much higher as rains aren't expected for over a week in the eastern portion of the Midwest states, with extended forecasts projecting the middle of next week as the earliest time for rain to come to the region.

The rain that is forecast for the nation is mostly for the southern states, offering no relief for the corn states.

Consequently, on the Chicago Board of Trade (CBOT) prices for new-crop corn climbed another 3 percent to a contract high.

In Asian trade front-month corn jumped to as high as $7.59-3/4 a bushel.