Value of Iowa's newly planted corn grows by more than $1 billion

DesMoinesRegister.com
11:37 PM, May. 20, 2011
Written by DAN PILLER

Iowa farmers who saw their yields cut by record rains last July could benefit from erratic weather elsewhere this year.

Planting delays in Illinois, Indiana and Ohio and flooding in the lower Mississippi River valley have pushed up the value of Iowa's newly planted corn crop by more than $1 billion in the last week.

The futures price for December delivery of the corn crop planted this spring has climbed from $6.15 per bushel on May 11, the day after the U.S. Department of Agriculture reported a slight increase in its surplus forecast, to $6.66 Friday on the Chicago Board of Trade.

In the shorter term, the July contract for corn left over from the 2010 crop rose 12 cents per bushel Friday to $7.60, completing a $1 gain for the week.

Read more