U.S. corn, soybeans climb on flooding |
| guardian.co.uk - Jun 17, 2008 |
U.S. corn and soybean futures rose further on Tuesday, bolstered by worries over devastating crop losses from floods in the United States, the world's top grain exporter.
Analysts said the corn price could hit a fresh high after surging to above $8 a bushel on Monday as relentless rains and overflowing rivers raised fears that Midwest farmers would not be able to grow much of anything on up to 5 million acres (2 million hectares).
"Soybeans can generally be planted after corn in terms of the planting year," said Sudakshina Unnikrishnan, a commodities research analyst with Barclays Capital in London. "But now the question seems to be how much both soybean and corn can be planted at all, forget about switching between the two."
Read Full Article from guardian.co.uk
- Posted: 2008-06-17 08:26:05
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