May 8, 2009
US corn prices spike as wet April delays planting
A rainy April pushed back corn planting in Illinois and Indiana, with only five percent under way by Sunday (May 10).
The planting compares to five-year averages of 66 percent and 47 percent respectively, according to a federal report.
Chris Hurt, an agricultural economics professor at Purdue University said the farmers are not yet in panic as they are also waiting how things have progressed over the next two weeks.
Corn is used as animal feed and in food products and beverages, Hurt said.
Illinois is the second-largest corn-producing state in the US and Indiana is the fifth largest.
In total, about 33 percent of the nation's corn is planted, compared with a five-year average of 50 percent.
Vic Lespinasse of GrainAnalyst.com said the corn prices may still increase as the planting season is still early.
