Corn tops the $8 barrier

Chicago corn futures finally traded above the old high set in June 2011 early today. Soybeans also traded at record levels.

John Hawkins

Published: Jul 10, 2012

Corn futures are trading at record-high levels Thursday morning, boosted by the idea that higher prices are still needed to reduce demand as a drought shrinks the expected size of the U.S. harvest.

Chicago Board of Trade futures for September delivery traded as high as $8.12 a bushel overnight, surpassing the previous all-time front-month intraday high of $7.99 3/4 a bushel that was reached in June 2011.

Morgan Stanley said Thursday it had increased its corn, soybean and wheat price forecasts due to the drought. The bank raised its 2012-13 corn price forecast to $7.85 a bushel from $5.75.

The spot August soybean contract surged above the $17 a bushel level for the first time ever overnight after rains moving across the central U.S. failed to bring moisture to some of the driest areas of the U.S. crop belt.

Permalink: Click here

Comments

Read comments from others and share your own thoughts.

Please provide the answer to the following question:

=

Search this site:

Read More Stories

Informa estimates a 14.8 billion bushel corn harvest this fall

Informa Economics releases its estimates for next week's USDA Planted Acreage report.

Read this story


Oppose harmful amendments to farm bill

IFB's latest action request on the House farm bill includes comments from President Philip Nelson.

Read this story


Corn fiber fueling cellulosic reality?

NCERC chief sees EPA approval opening biofuels 'vault.'

Read this story

Informa estimates a 14.8 billion bushel corn harvest this fall

Oppose harmful amendments to farm bill

Corn fiber fueling cellulosic reality?

Illinois corn is 99 percent planted

Governor signs comprehensive hydraulic fracturing law

FarmWeek for June 17

River levels rise, though not as high as thought

Senate clears farm bill: Crop insurance, bioenergy House targets?

WIU Agronomy Field Day June 27

Illinois farmland values keep going higher

Top 50 Tags