The price of corn for December contract rose $0.24 to $7.14 a bushel, marking an increase of 3.6 percent for the commodity. Smaller yields for the crop led to the rise in value for the futures of the grain, CNN reported.
Corn prices rose due to the declining estimates for the amount of the crop that farmers have been able to harvest in the past year. Reports from the U.S. Department of Agriculture have detailed a 4.1 percent drop in the size of the yield that was forecasted last month, according to Bloomberg.
Unusually hot weather across the Midwest region of the U.S. has led to a drop in the total size of the harvest for the crop, as the total amount that was predicted, 13.47 bushels, was off by a significant amount. The total yield was calculated at 12.91 bushels for the commodity, reported the news source.
"The heat last month really pushed the crop too fast, and that means yields may end up even lower," Roy Huckabay, an executive vice president for the Linn Group in Chicago, told Bloomberg. "It's going to be a tight supply, but the big unknown is demand with the fear of a global slowdown."
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