NEW YORK — Corn prices climbed further into record territory Thursday after more rain doused the Midwest, leaving flooded corn crops deeper underwater and threatening livestock owners who depend on the grain to feed their herds. Other commodities traded mixed, with crude oil ending slightly higher and gold, silver and copper all declining. Heavy showers pelted parts of the Corn Belt on Wednesday, dumping a half inch to 2.5 inches of water over already-flooded parts of Iowa, Nebraska and Minnesota. ‘It was even more devastating. It drowns out more corn and doesn’t help the corn that didn’t drown out,’ said Jason Ward, analyst with Northstar Commodity in Minneapolis. Six weeks of rain have flooded untold acres of corn and soybean fields in the U.S. heartland, forcing farmers to abandon their crops and sending international food prices skyward. More bad weather is expected for Illinois, Indiana and Ohio on Thursday, forecasters say, meaning prices may could climb higher. Corn for July delivery rose 5.75 cents to settle at $7.09 a bushel on the Chicago Board of Trade, after earlier rising to a new all-time high of $7.25 a bushel. It was corn’s sixth straight trading […]
Saturday, June 14th, 2008
Corn Jumps to Record for 6th Day on Midwest Floods
Author: STEVENSON JACOBS
Source: The Associated Press
Publication Date: Thursday June 12, 5:19 pm ET
Link: Corn Jumps to Record for 6th Day on Midwest Floods
Source: The Associated Press
Publication Date: Thursday June 12, 5:19 pm ET
Link: Corn Jumps to Record for 6th Day on Midwest Floods
Stephan: Given the many uses of corn in everything from food, to fuel (bad choice), to plastics this is going to have a tremendous impact on the economy.