Thursday, June 9, 2011

Climate Consequences: Chicago Corn Crunch

Image (click to enlarge): U.S. statewide precipitation ranks for May 2011, showing above normal to much-above normal amounts in the major corn-producing region, from National Climatic Data Center

Climate has consequences. Persistently heavy rain and flooding in the Midwest this spring has led the USDA to report today that the number of acres planted as well as harvested is expected to decrease below earlier estimates. This has resulted in Chicago corn prices reaching an all-time record high at the opening this morning (click image to play CNBC video):

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Seasonal Outlook

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