Corn prices climbed further into record territory Thursday after more rain doused the Midwest leaving flooded corn crops deeper underwater and threatening livestock owners who depend on the grain to feed their herds.
NBC Weather Plus Meteorologist Britta Merwin tells us that although the rainfall has stopped in Iowa many rivers aren't expected to crest until Wednesday or Thursday of next week. Subsequently some farmers have been forced to abandon their crops – a move which sent the price or corn and soybeans sky-high. Prices broke past the $7 barrier for the first time Wednesday.
Despite the weather pattern I would fade the move in corn, counsels Guy Adami, because it’s gone so far so fast. I wouldn’t get short but if I was long I’d get out.