Drought-like conditions in Brazil and Argentina helped the price of corn rise to its highest value since early November, Bloomberg reports.
March-delivery corn climbed 4.25 cents to $6.065, representing a 0.7 percent increase, shortly after 1 p.m. London time on the Chicago Board of Trade. On November 9, corn's price was $6.07 per bushel. The commodity's price has increased 46 percent this year.
"The weather remains dry in Argentina in the most important grain-growing regions," according to today's Gartman letter report written by Dennis Gartman, an economist and author.
Crops in Argentina already have suffered because of dry weather, which is forecast to return on Saturday and remain across the nation the following week, according to meteorologists. As the globe's second-largest exporter of corn, Argentina also is the third-biggest exporter of soybeans, according to the Agriculture Department.
The key regions of Brazil also are in peril.
The weather "remains dry, or drier than the grain bears would like it to remain, in the important grain-producing regions of Brazil," according to the Gartman Letter.