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The Heat is on For Corn Prices


Posted: 07/20/11

By: tomgrisafi

3076

It's been an interesting summer in which to trade corn.

Corn prices are on the move again amidst a heat wave rocking many parts of the country.

Corn for December delivery settled up 10.25 cents Tuesday at $6.8725 a bushel after hitting $7.04 a bushel in earlier trading.

The U.S. Agriculture Department estimated Monday that 11 percent of the corn crop was in poor-to-very-poor condition, compared with 9 percent a year ago. About 66 percent was in good-to-excellent condition, compared with 72 percent a year ago.

Among the hardest-hit states are Kansas, Texas, North Carolina, Indiana and Illinois.

According to the AP report:

"It's the latest setback for corn, which got off to a slow start after spring rains delayed planting. Farmers and analysts had hoped the crop would prove to be bountiful this year to help ease global shortages that sent prices skyrocketing last year."

With more hot weather in the forecast, chances are we haven't seen the end to these red hot higher prices.

Source: AP

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