Good News for Corn

Analysts were very concerned last month about the loss to the corn crop due to the flooding through Iowa, Illinois, and Indiana. It now appears that the losses will not be as severe. Also even if the losses approach 10% from last year, the data just came in that farmers nationwide planted more acres into corn so the corn crop should be expected to be rather large...if the weather holds. Corn prices fell when the news was released, but they still are expected to stay in the $6-7 /bushel range, which will still equate to rising grocery, meat and dairy costs.