Corn futures are surging, climbing to a near 3-year high, as heavy rain forecasts across major farming areas threaten to delay planting even further.
"Now the market's in a situation where you're gonna have very low inventory levels, very slim plantings and by next spring it could be a real issue," Peter Boockvar, chief investment officer of Bleakley Advisory Group, told CNBC'sCorn futures are up more than 20% this month, while soybean futures have risen more than 2% in May and wheat futures are up more than 18% this month.
In a record-breaking wet spring, flooding in key farming regions have caused unprecedented delays to planting, causing lower-than-expected inventory levels. In corn, 58% of the intended planting has been done, compared to 90% at this point historically. For soybeans, only about 30% has been planted, versus about 65% normally, said Boockvar.
Alongside bad weather, the U.S.-China trade war is further complicating the planting picture. Before trade tensions heightened, China was responsible for more than 60% of soybean exports.to help farmers, a group that played a major role in Trump's 2016 victory, who have been hit by the trade war. The farm aid legislation will compensate farmers, mainly in cash payments, for about 10-months of trade war loses.
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