Wet weather and planting delays for this year’s crop are sending the price of corn higher.
Corn for July delivery rose 8 cents to $5.22 a bushel Tuesday. Corn has been rising steadily since the beginning of the year and is up 24 per cent so far.
Wheat and soybean futures also rose. The July wheat contract rose 8 cents to $7.17 a bushel and soybeans for delivery in the same month rose 17 cents to $15.17 a bushel.
A report released Monday afternoon by the U.S. Department of Agriculture showed that planting for this year’s corn crop is going much more slowly than normal, said Brandon Marshall, a commodity analyst with Northstar Commodity in Minneapolis.
Metals prices ended mixed. Energy futures rose slightly.