A searing Midwestern drought can send corn and soybean futures into the stratosphere. Too much rain, however, makes for a more complicated situation.

That is the position farmers and grain traders find themselves after spring and summer rains delayed planting of both crops across the eastern half of the Corn Belt and then continued to soak the region into early July. The Corn Belt is the corn-producing region encompassing western Ohio, Indiana, Illinois, Iowa, Missouri, eastern Kansas, eastern Nebraska and southern Minnesota. MORE