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Drought Drives Up the Price of Corn

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  • Description

    FBN’s Jeff Flock on the outlook for corn prices.

  • Duration 2:09
  • Date

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-- we got a heat wave spreading across the country and it's -- out the crops in the midwest especially corn prices are up nearly 3% today so -- go from here.

Jeff Flock is in Manhattan in 09 it with the latest Jeff and I know we get the big crop report out at 4 o'clock this afternoon eastern time.

Yes you know some of these are cropped up progress reports Tracy or not that big a deal on a regular growing season well a season like this their huge.

In the corn here outside Manhattan.

Illinois not New York to actually show you some real quick.

They did get some rain here you look at this looks fairly dry but if we come down.

And we dig in the ground you take a look and you see.

If you good -- just a little bit you -- sub soil moisture that that's good for these particular arrears but there's a lot of places here in the midwest where that's not the case I talked to one of the farmers.

Out here today about how much that could affect yields at the drought continues.

Well we wouldn't get rain soon I mean it could go.

Thirty to 40% just like that I mean we're probably if we don't get rain and we're going through pollination.

It can be five to 10% a day on yield were losing.

Five to 10% at de Tracy that would be incredible.

And because they expect a huge heart Vissicchio lot of farmers already sold some of that crop -- -- the call forward contract if it.

Take a look at the -- Boortz -- you report.

It's been up to 3% today alone were up 21%.

In June alone.

I'm outside also hear a grain elevator this is Crawford grain in Manhattan Illinois.

Take a look at all its storage capacity expanded here to about 2.2.

Bill to a 2.2 million bushels of grain that they're able to take in in this facility but I if we get a serious drought here even though the the corn plant has been -- said the plant that.

Another -- how many acres planted has been the highest since 1937.

If we get a serious drought it's really gonna compromise yields.

-- wanna look at corn is maybe corn and soybeans to the -- to put in your portfolio.

Gasoline into my nanny while on food store though Jeff Flock in the field -- jeans thank you -- hedge your bets.

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