Wednesday, May 18, 2011
Wheat and corn prices are jumping as adverse weather continues to create problems for crops in the United States and Europe.
Wheat settled up 6.9 percent today while corn rose 4.1 percent.
Weekend forecasts are calling for more rain, which could delay planting even more for farmers in the northern United States.
Meanwhile dry weather is prevailing in Russia, Germany and France, which could affect wheat production.
Investors are growing concerned that global stockpiles of wheat and corn may shrink even more if harvests are reduced this year.
Gold, silver and energy futures are higher as the dollar weakens. Commodities are priced in dollars so a weaker dollar makes them more of a bargain for buyers using other currencies.