Corn surges on concern weather will delay planting

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Associated Press

Posted on April 29, 2013 at 3:02 PM

Updated Monday, Apr 29 at 3:02 PM

NEW YORK (AP) — The price of corn is surging on concern that wet, cold weather in the Plains region will delay planting and reduce harvests.

July corn rose 40 cents, or 6.5 percent, to $6.5975 a bushel. That's the biggest one-day gain since June 25, when last year's drought was pushing up prices.

The price of corn plunged at the end of March after the government said that it expected farmers to plant the biggest crop in almost 80 years. Corn also rose after the government said that inventories were higher than analysts had expected.

Wheat and soybean futures also rose. Metals prices increased.

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