CBOT Corn Surges Significantly on Possibility of Dry June Weather

The corn futures market at the Chicago Board of Trade (CBOT) closed significantly higher on Monday, ending a four-day losing streak, with the benchmark contract up 2.90%, as weather forecasts indicate that June could become dry, threatening newly planted corn crops and triggering short-covering. Traders said preliminary weather forecasts show that the beginning of June will be dry, which will help farmers complete spring planting, but by then the crops will urgently need rain, as soil moisture has already reached its lowest point. Consulting firm AgResource Company said that as weather in June becomes more important, the market will continue to experience intense volatility.