Corn Near Record, Set for Biggest Monthly Gain Since June 1988 |
| Bloomberg - Jun 30, 2008 |
Corn climbed to within 0.8 percent of a record, heading for the biggest monthly gain in 20 years, on speculation the U.S. government will cut its planting and harvest estimates today, after the worst Midwest flooding in 15 years.
Corn has gained 32 percent this month, the biggest advance since June 1988. Futures reached a record $7.9925 a bushel June 27 as rising demand for grain-based ethanol and livestock feed eroded inventories and flooding damaged crops in the U.S., the world's top producer and exporter.
Corn is the best performer this year on the UBS Bloomberg CMCI index of 26 commodities. Prices for soybeans and wheat also touched records this year, boosting profits of grain traders such as Archer Daniels Midland Co. and Cargill Inc. Higher feed costs have forced meat producers, such as Sanderson Farms Inc. and Smithfield Foods Inc., to cut production.
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- Posted: 2008-06-30 09:35:23
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