As Tropical Storm Cindy made landfall in Louisiana this week, citizens and market watchers braced for its impact.
One big concern was that the storm could flood rice-growing areas of Louisiana, which sent prices to a one-year high at 11.5 cents per pound on Monday as storm watchers warned of flood risks. Luckily, the damage to fields was largely contained, which knocked prices swiftly lower by Friday.
As the remnants of the storm continue inland through Arkansas and into the Corn Belt, the storm will bring heavy rain to Midwestern farmers, which should ultimately help the growing corn and soybean crops, which sent prices for both markets to the lowest level of the year.
As of midday Friday, corn for delivery in December was worth $3.78 per bushel, while November soybeans sold for $9.09.