Because of cold and wet climates, farmers in the U.S. are set to sow seeds of the grain on 96.7 million acres as compared to the 97.4 acres that previously was forecast, according to a Wednesday report issued by crop forecaster Lanworth, Inc. A warmer weather period is forecast to begin early next week in the eastern plains of the U.S. and the Midwest.
"Should unusually cold and/or wheat conditions through May slow planting progress beyond Lanworth's expectations, disproportionate losses would likely occur to corn area," states the report, according to Bloomberg.
At 9:44 a.m. on Wednesday, corn futures edged higher 0.57 percent, a 0.035-cent increase to $6.175 per bushel.
Reuters reports the stronger performance of the grain during the Wednesday trading session is set to reverse two consecutive bearish days for corn. The news source noted that recent rain will do its part to provide vital nourishment that the grain needs, which also cuts down on the prospect of drought.
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