Corn & Soybeans For December Delivery Hit All-Time Record Highs; $8.08 And $17.34, Respectively
Prices for corn and soybeans hit all-time highs Thursday as questions built about the extent of damage to the crops from the merciless summer heat.
Corn for September delivery rose 12.75 cents to finish at $8.0775 per bushel, besting its all-time high of $7.87 per bushel set in June 2011. August soybeans gained 50.25 cents, or 3 percent, to end at $17.3375 for a second straight second record-setting day.
Supplies of both crops are tight globally and that may not improve much after this year's U.S. harvest. Crop conditions continue to degrade in the blistering heat and there is little to no rain in forecasts at least through the end of the month.
Many analysts are predicting that corn yields could fall to 140 bushels per acre or even lower as the heat continues with little relief.
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http://www.businessweek.com/ap/2012-07-19/corn-soybean-prices-at-record-highs-on-crop-woes