Corn futures are surging, climbing to a near 3-year high, as heavy rain forecasts across major farming areas threaten to delay planting even further.
"Now the market's in a situation where you're gonna have very low inventory levels, very slim plantings and by next spring it could be a real issue," Peter Boockvar, chief investment officer of Bleakley Advisory Group, told CNBC'sCorn futures are up more than 20% this month, while soybean futures have risen more than 2% in May and wheat futures are up more than 18% this month.
In a record-breaking wet spring, flooding in key farming regions have caused unprecedented delays to planting, causing lower-than-expected inventory levels. In corn, 58% of the intended planting has been done, compared to 90% at this point historically. For soybeans, only about 30% has been planted, versus about 65% normally, said Boockvar.
Alongside bad weather, the U.S.-China trade war is further complicating the planting picture. Before trade tensions heightened, China was responsible for more than 60% of soybean exports.to help farmers, a group that played a major role in Trump's 2016 victory, who have been hit by the trade war. The farm aid legislation will compensate farmers, mainly in cash payments, for about 10-months of trade war loses.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Judge Bars Bud Light From Suggesting Rival Beers Contain Corn SyrupA judge temporarily barred Bud Light from suggesting in its advertising that rival beers Coors Light and Miller Lite contain corn syrup.
और पढो »
Florida man hit his mom in the head with corn cob, charged with domestic batteryThe woman 'was hurt but did not have any physical injuries,' the police report stated.
और पढो »
7 dietary factors may increase your risk of cancer: StudyLow whole grain, low dairy intake and other dietary factors, may increase risk of cancer, according to a new study.
और पढो »
One of Amanda Eller's rescuers in Hawaii now searching for another missing hikerAnother hiker in Hawaii has gone missing, sparking a search that comes days after rescuers found yoga instructor Amanda Eller, who spent more than two weeks lost in the island's Makawao Forest Reserve.
और पढो »
Satellite images reveal strikes on Syria's Idlib provinceAirstrikes and fighting in Syria's last rebel-held province have left a trail of damage visible from space. In satellite images from May 20 and May 26, swathes of fields in northwestern Idlib appear blackened, the neat lines of city streets and blocks become blurs of debris, and plumes of smoke dot the landscape.
और पढो »
The U.S. banking system is flush with cash but may have a problemThe Federal Reserve wants the banking system flush with cash to keep the economy...
और पढो »
Trump may sidestep Congress on Saudi arms deal, drawing fresh warnings from Republicans and DemocratsThe president has signaled that he may invoke emergency authority to complete weapons sales that lawmakers have temporarily blocked.
और पढो »
Modi's definitive win may mean a more assertive IndiaIndian Prime Minister Narendra Modi won a landslide re-election victory. That could see India taking a more assertive security stance.
और पढो »