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Bad Weather Increases Prices for Corn & Wheat

August 22, 2011 at 21:06 by Vladimir Vyun

Wheat gained today as adverse weather in the US decreased potential yield. Ivory Coast also has bad weather and cocoa advanced on concerns about supply.

Last week’s storms brought lesser amount of precipitation to some areas of the US, while some areas were avoided by rains altogether. Allen Motew, meteorologist with QT Weather, some parts of west-central Illinois, northern Iowa and southern Minnesota received less than 25 percent of normal precipitation since August 1.

Ivory Coast also has problems with drought, but in addition crops suffer from lack of sun and low temperatures. The plants need mixture of sunny and rainy weather, whether currently they receive neither.

December futures for delivery of cocoa rose $43 (1.4 percent) to $3,047 per metric ton by 12:17 on ICE. December futures for delivery of corn went up $0.0925 (1.3 percent) to $7.345 per bushel as of 13:15 on CBoT.

If you have any questions and comments on the commodities today, use the form below to reply.

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