Corn crop value up by $1B despite flooding

In Iowa, the expected value of this year’s corn crop has risen by more than $1 billion based on the Chicago Board of Trade’s futures rates. Flooding throughout the Midwest has caused planting delays in Illinois, Indiana, and Ohio and throughout the Mississippi River valley, raising the futures price per bushel from $6.15 to $6.66. Despite this gain, corn traders continue to raise concerns about supplies for processors, exporters, and ethanol plants in the coming fall. Farmland consultant Murry Wise has also raised suspicions that recent USDA surplus projections have been rendered obsolete by the poor weather.