According to reports, U.S. corn and soybean prices are up, with concerns that above average rainfall will impact yield in the four states that are the biggest growers of the crops.
Continued rainfall has been predicted in Iowa, Illinois, Nebraska and Indiana from November 21-25, as reported by U.S. Climate Prediction Center.
Corn to be delivered in March added 0.9% to $4.0925 a bushel on the Chicago Board of Trade in after-hours electronic trading. January delivered soybeans were up as much as 1.4% to $10.0125 and last traded at $9.9475. Some analysts and traders believe crop prices will continue to rise as the USDA yield forecast is reduced.