Above: 1 Year Chart of Corn Futures for Sept delivery down to $4.66 today
Good news for Valley livestock owners – Corn futures for this autumn are falling this week with good planting weather in the Midwest and the prospect of an El Nino weather pattern. That pattern could bring abundant rainfall to Midwest say some experts.
California farmers arr warming to the idea of an El Nino weather pattern that could bring abundant rain to at least the southern half of the state as well as Colorado and Arizona this fall and winter says the Climate Prediction Center. But good moisture in the Midwest is a big boost for the California economy as well
There is a 65 percent chance of El Nino weather conditions developing early this summer according to the U.S. Climate Prediction Center. That pattern probably will lead to favorable moisture for Midwest crops without sustained heat says Commodity Weather Group in Bethesda, Maryland, in a report.
Today, corn futures dropped to the lowest price since March and soybeans fell the most in almost four weeks as planting accelerated in the U.S., the world’s biggest largest producer. Corn futures for July delivery fell 1.4 percent to $4.715 a bushel on the Chicago Board of Trade. September futures are at $4.66.
During the Midwest drought livestock owners who need corn for their animals were paying as much as double that price,forcing a good number out of business
One report says “about 88 percent of the corn crop was sown as of May 25, up from 73 percent a week earlier, and soybean seeding jumped to 57 percent from 33 percent, according to a Bloomberg survey of analysts.”