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US corn, soy prices hit records as drought lingers

Posted By admin On August 22, 2012 @ 3:09 am In Money Watch | Comments Disabled

AFP [1]
August 22, 2012

US corn and soybean prices closed at new record highs Tuesday as a new survey showed worse-than-expected crop damage from a brutal drought across the country’s central breadbasket.

The price of corn jumped 1.7 percent to $8.3875 a bushel, while soybeans finished at $17.3025 a bushel, up 2.8 percent from Tuesday.

That left the corn price up 68 percent from June and soybeans 39 percent higher.

An all-time record hot July accompanied by nearly three months of extreme drought have baked the country’s prime farmland in the midwestern and central states, where the world’s largest corn and soybean crops are grown.

Full article here [1]


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URL to article: http://www.prisonplanet.com/us-corn-soy-prices-hit-records-as-drought-lingers.html

URLs in this post:

[1] AFP: http://www.france24.com/en/20120822-us-corn-soy-prices-hit-records-drought-lingers

[2] Corn Prices Headed for Record Highs as Crop Shrinks: http://www.prisonplanet.com/corn-prices-headed-for-record-highs-as-crop-shrinks.html

[3] USDA green-lights field trials of Monsanto drought-resistant corn after admitting it performs no better than natural corn: http://www.prisonplanet.com/usda-green-lights-field-trials-of-monsanto-drought-resistant-corn-after-admitting-it-performs-no-better-than-natural-corn.html

[4] Drought and SuperBugs Devastate U.S. Corn Crop: http://www.prisonplanet.com/drought-and-superbugs-devastate-u-s-corn-crop.html

[5] Severe Drought Seen as Driving Cost of Food Up: http://www.prisonplanet.com/severe-drought-seen-as-driving-cost-of-food-up.html

[6] Corn prices hit record highs in Chicago: http://www.prisonplanet.com/corn-prices-hit-record-highs-in-chicago.html

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