NEW YORK (TheStreet) -- Mother nature is helping corn and maize traders and the lowly worm.
Teucrium Corn (CORN), an ETF that tracks the price of the commodity, jumped more than 3% in today's trading. Much of that gain stemmed from a USDA report that corn stockpiles are significantly less than expected. The price also had help from a government report that corn-eating pests have developed resistance to toxins emitted by genetically-engineered crops, making the U.S. corn crop particularly vulnerable.
The USDA said domestic inventories came to about 7.006 billion bushels in March. Analysts had expected 7.098 billion bushels, according to Bloomberg. The USDA also projected that farmers will plant 4% less corn this year than the prior year, choosing instead to plant soybeans, which have commanded higher prices.
U.S. Farmers reportedly Planting Lowest $corn Acreage Since 2010-- lumberjax (@lumberjax) Mar. 31 at 01:23 PM
The USDA forecast added upward price pressure, which has built since Russia invaded the Ukraine, the world's third-largest corn supplier.