"Corn for December delivery climbed as much as the daily limit of 45 cents, or 8.5 percent, to $5.7325 a bushel on the Chicago Board of Trade, the highest level since September 2008." USDA reported that the corn harvest in the US will fall 3.4 percent from the level last year "after flooding in June and dry weather in August cut yields."
USDA said that corn output "will be 12.66 billion bushels, down from 13.16 billion projected a month ago and less than last year's record 13.11 billion." The price of soybeans and wheat has risen as well.
To read the Bloomberg Businessweek story, click here.
Posted: 10/11/2010
