Corn sets all-time settlement high

US corn futures matched their all-time high Monday as growing concerns federal forecasters will slash the outlook for supplies provided fresh fuel to a 10-month rally. Corn for May delivery matched the June 2008 all-time high of US$7.65 a bushel and set a new record settlement price of US$7.60 1/4 a bushel at the Chicago Board of Trade.

The previous highs were set in June 2008 during a broad-based surge in commodity prices that was quickly undercut by the global financial crisis. Since last summer, corn futures have more than doubled on strong export demand, record US ethanol output and steady buying by domestic livestock producers. Farmers have struggled to keep pace, even though the US crop last year was the third largest on record. Read more ...

This blog is written by Martin Little The Global Miller, published and supported by the GFMT Magazine from Perendale Publishers.