Skip to main content

Corn prices catch up with one-day price pop

  • Author:
  • Updated:
    Original:

The price of corn saw the largest one-day price increase in more than three months on Monday. The Associated Press reports the gain comes as dry weather is forecast for the Midwest.

December corn rose 22 cents, or 4.7 percent, to $4.85 a bushel. Corn prices have slumped this year when supplies looked too plentiful. Producers are expecting a record crop of 13.8 billion bushels of this year, an increase of 28 percent from last year's crop.

Last year, corn reached $8.49, the highest ever, after the drought damaged yields. But this year, corn has been one of the biggest decliners among agriculture products, dropping 31 percent since the start of the year. Corn futures on the Chicago Board of Trade tumbled to $4.7425 a bushel on Aug. 16, showing the biggest drop among 24 commodities tracked by the Standard & Poor’s GSCI Index.

Bloomberg News reports that estimates from the U.S. Department of Agriculture show the crop will be down 2.7 percent from what it expected in May, after rain delayed planting and low temperatures slowed growth.
Wheat and soybeans also rose, according to the Associated Press. December wheat gained 10 cents, or 1.6 percent, to $6.54 a bushel. Soybeans rose 44 cents, or 3.5 percent, to $13.03 a bushel.

Next Up

USATSI_12923669

Jason and Carly Zucker sell Edina home for $4.18M

The property was bought in 2020, months after Jason Zucker was traded to the Pittsburgh Penguins.

Legacy Lot Random (1 of 6)

Gallery: Luxury living is par for the course here

Cragun’s Golf Resort Communities Offer Stunning Views Along with Resort-Style Living

Screen Shot 2022-08-18 at 8.10.56 AM

Restrictions in place as Emerald Ash Borer found in Sherburne County

The county is now the 36th in the state with a confirmed presence of the invasive insect.

Fire, firefighters

Home that was scene of June standoff engulfed in fire

Authorities arrived to find the home fully ablaze.

Rosland park bridge

Crosstown Hwy. 62 reopens as footage emerges of truck hitting bridge

The westbound lanes were closed in Edina from Tuesday afternoon to Wednesday night.

Screen Shot 2022-08-17 at 8.31.42 PM

Flash flooding as torrential rain hammers Cambridge

Flooding and damage from a non-severe storm Wednesday evening.

Screen Shot 2022-08-17 at 4.02.18 PM

Minneapolis nonprofit celebrates anonymous donor's $1.5M gift

Appetite For Change is building sustainable, local food systems in North Minneapolis.

police lights

On the lam since 2007, suspect in MN murder case arrested in Florida

The suspect is one of three men connected to a fatal drive-by shooting on St. Paul's West Side.

Deer on road

Motorcyclist in collision with deer dies from injuries

The 55-year-old from Princeton died at a hospital a day after the crash.

U9GqW_wM

Burnsville approves measure that will make its landfill much taller

The expansion will increase the landfill's allowable height by an additional 268 feet.

michael carbo

Northern MN man found guilty in 1980s cold case murder

Nancy Daugherty was found dead in the afternoon hours of July 16, 1986.

Related