Foreign media reported that Chicago corn futures prices rose to 2013 levels on Wednesday (14) due to market concerns about cold weather affecting the planting progress of U.S. seeds. According to reports, temperatures across the U.S. Corn Belt will be well below average this weekend, and the cold air could delay the planting process because if seeds are planted in colder soils, it will take longer for corn kernels to germinate and increase the risk of seedling death.
The latest estimates from the U.S. Department of Agriculture show that corn prices could soar this year because planting is not progressing as expected. The data show that corn prices on April 14 reached their highest since June 2013 and have nearly doubled since August 2020.
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