“Corn rebounded on speculation that wet weather in the U.S. Midwest will cause farmers to abandon plans to seed the grain. Wheat and soybeans also rose.
About 40 percent of U.S. corn was seeded as of May 8, down from 80 percent at the same time a year earlier and a five-year average of 59 percent, Department of Agriculture data show. Wet weather has delayed corn planting in the Midwest and northern Plains and may flood as many as 3 million acres in Louisiana. Corn is up 84 percent in the past year.
“If we don’t get the corn planted, the majority of that is going to go into soybeans,” William Adams, a fund manager at Resilience AG in Zurich, said by phone. “It looks like we’re going to lose a lot more acres of corn.”
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