Friday, August 10, 2012

"Corn prices hit record after US cuts harvest hopes"

Corn went negative for a while but is now up a quarter-penny at $8.24.
Soybeans have been up all morning and are now changing hands at 16.545.
From Agrimoney:
Farm officials cut their forecasts for the US corn and soybean crops even further than investors had expected to account for damage from drought, lowering their estimates for the corn yield to a 17-year low.
Corn prices, as measured by Chicago's September contract, soared to $8.43 ¾ a bushel immediately after the report, a record for a spot contract, before falling back as investors took profits on a rally of 6% in three trading sessions.
The US Department of Agriculture cut its estimates for the domestic corn yield from 146.0 bushels per acre to 123.4 bushels per acre, which would be the worst result since 1995....MORE