Farmers clearly planted less corn and soybeans because of the wet, cold weather in May and June,” said Tim Hannagan, an Alaron Trading Corp. senior grain analyst in Chicago. “The market is assuming farmers didn’t finish planting all the acres they planned.”
Corn futures for December delivery rose 19.5 cents, or 6.1 percent, to $3.3875 a bushel on the Chicago Board of Trade, the biggest gain for a most-active contract since Jan. 16. Yesterday, the price touched $3.1475, the lowest since Dec. 8.
Soybean futures for November delivery rose 24 cents, or 2.6 percent, to $9.32 a bushel. On July 8, the most-active contract reached $8.8125, the lowest in more than three months.
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