Memorial Day weekend was likely a stressful one for many farmers around the country, as some rushed to finish planting after being in areas that received far above-average levels of rain in the last couple weeks. Some speculators believe that this year’s spotty planting season has been a major factor in seeing contract highs in corn, soybeans, and wheat.
December Wheat futures hit contract highs in early Tuesday trading, as worries about adverse weather across key growing regions threaten to reduce crops.
Soybeans rose as hopes spurred that China will resume buying U.S. beans again, after the recent trade dispute disrupted purchases.
Corn is up too, possibly drawing some support from wheat on similar weather concerns.