Corn reached a three-week high as the report by the U.S. Department of Agriculture showed yesterday corn crop planting pace was slowed down due to excessive rains. Parts of Iowa, Missouri, Illinois and South Dakota had 15 centimeters of rain. Nevertheless, farmers made good progress last week.
The front-month July corn contract reached a three-week high of $6.6937 a bushel on Tuesday.
As of the week ending May 19 71% of the corn crop was planted, compared to 95% last year and which was a bit below the five-year average of 71%. As of May 26, 86% of the corn crop was sown compared to 99% for the same week in 2012 and below the five-year average of 90%. Corn for December delivery gained 0,6% and traded at $5,545 a bushel on the Chicago Board of Trade.
(Update) Corn futures for July were down 0,25% on the day and traded at $6,6400 a bushel. Wheat for July delivery also slipped 0,5% on the day.
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