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The Wall Street Journal: Farmers are stockpiling corn in response to tough growing conditions, waiting for higher prices

A costly tug of war has broken out over what is usually one of the Farm Belt’s most ubiquitous commodities: corn.

Agribusiness companies, including Cargill Inc., Archer Daniels Midland Co. ADM, -0.37% and Smithfield Foods Inc. are dangling hefty premiums to buy bushels of corn in places where unrelenting rain this spring prevented farmers from planting millions of acres.

Some farmers, though, are opting to sit on their unsold grain, banking it in case of a diminished harvest this fall—and the potential for still-higher prices ahead.

“For now, we’re waiting,” said Ben Klick, whose family raises corn, soybeans and wheat near Navarre, Ohio.

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