Corn prices recover on China crop concerns

Corn prices rebounded from a five-week low on concerns that dry weather in central China may reduce crop yields, Bloomberg reported. Weather in China’s corn growing regions is expected to remain warm and dry for the near future, reducing soil moisture and stressing crops. Last year a drought led China to import corn from the US for the first time in four years, and it may be forced to do so again. Corn futures for July delivery increased 0.9% to US$3.5725 per bushel on the Chicago board. Prices had previously declined by 15% as US farmers increased planting.