As Chicago finishes the wettest May in history, Bloomberg points out that all the rain has caused serious problems with Illinois agriculture:
Rabobank is predicting an unprecedented number of unplanted acres of corn, the most widely grown American crop. A Bloomberg survey of 10 traders and analysts indicates growers could file insurance claims for about 6 million corn acres they haven’t been able to sow, almost double the record in 2013.
Corn futures surged more than 20% to a three-year high over the past few weeks on fears farmers wouldn’t be able to get seeds in the ground ahead of crop-insurance deadlines. So-called prevented plant claims reached 3.6 million acres in 2013, according to the U.S. Department of Agriculture’s Farm Service Agency.