Crop prices are vaulting higher as massive disruption on U.S. farms raises concerns about the size and quality of this year’s harvest.
Prices began taking off in mid-May, after inclement weather put farmers well behind in their planting schedules and raised worries that swaths of farmland wouldn’t be sown at all. The surge continued after the U.S. Department of Agriculture confirmed that farmers had planted a fraction of what they have typically done by this time of year.
Corn futures have leapt more than 14% in May, putting them on course for their best month since June 2015. They reached a three-year high of $4.38 a bushel on Wednesday. Wheat prices have jumped 13%, on track for their biggest one-month rise since April last year.