Rainfall cut, Corn jumps
Jun. 13, 2008
Corn prices have climbed 50% this year, heading for a fourth straight annual gain, as demand surged for livestock feed and biofuels. Wheat, rice, and soybean prices also reached records this year after adverse weather curbed global output, reducing stockpiles amid rising demand. ``No one can stop the corn price's run-up now,'' Hiroyuki Kikukawa, general manager of research at IDO Securities Co., said from Tokyo. "Now we have heavy rains in the Midwest and will see a summer heat wave in July and August. We may see the USDA cut further its output estimate next month."
About 60% of the corn crop in the US, the largest exporter of the grain, was in good or excellent condition as of June 8, reports USDA. As of that date, an estimated 89% of the corn crop had emerged from the ground, compared with 98% a year ago and the five-year average of 89%, USDA said.
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