April 15, 2011 

Although Iowa farmers were not in their fields yesterday (Apr 14) due to cold and wet weather, the value of this year's corn is increasing on the Chicago Mercantile Exchange, where the futures contract for December delivery has risen US$0.11 per bushel to US$6.45.

The prediction for near-winter weather in the central Corn Belt over the weekend renewed fears among traders that the corn crop sowing will be postponed, enticing some farmers to switch fields to soy which can be planted at a later time.

Tight local provisions of corn have doubled corn prices since last June and traders have given warning that an almost perfect bumper crop will be required from the Corn Belt to restore local corn inventories.

The closer month contracts, for May, July and September, are not doing as well because the price of wheat has dropped below corn for the first time since 1996.

Wheat is a substitute for corn as a cattle feed.

May corn has decreased US$0.02 per bushel to US$7.53 and July corn has decreased US$0.015 per bushel to US$7.60.