Minimal rain might come to parts of Indiana and Ohio on Wednesday and Thursday, but that slight amount of rain is unlikely to reverse crop losses, according to Bloomberg.
Corn futures were driving higher on Wednesday as the worst drought in the history of the Midwest continues during the most vital phase that determines corn crop yields, according to the U.S. Department of Agriculture. Iowa, Illinois and Missouri were scheduled to receive even less rain.
"Even with these rains, in a lot of areas it could be too little, too late" for corn, Christopher Narayanan, head of agricultural commodity research at Societe Generale SA, said by telephone yesterday from New York. "Beans still have another week or two to recover if we get some good rains, because pod filling is just now starting. You have a little bit of time, but not a whole lot."
At 7:41 a.m. on Wednesday, corn futures increased 1.12 percent, an 0.0875 cent gain to $7.87 per bushel.
Damages to the U.S grain belt during the worst drought in 50 years is considered irreversible, according to Reuters.
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