“When you look at the entire domestic picture of the U.S., the rains that have fallen in most cases have been beneficial,” James Bower, the president of Bower Trading Inc., said in the Bloomberg article. “The crop is rated very, very high.”
Corn traders who were burned by the extreme drought conditions two years ago may still be a little skeptical. However, soil conditions now are moist enough to resist peak daytime temperatures.
Moreover, looking abroad, China, the world’s second largest corn producer, has also projected a record crop year while Brazil and Ukraine also expect large crops. [El Nino With a Chance of Agriculture ETFs]
Teucrium Corn Fund
For more information on corn, visit our corn category.
Max Chen contributed to this article.