Corn and soybean prices keep rising

Tuesday, July 01, 2008

Corn and soybean prices have climbed to new records on the Chicago Board of Trade, after thunderstorms dumped another 150 millimetres on the American states of Iowa and Missouri.

It's estimated up to five million acres of farmland have already been damaged after serious flooding earlier this month.

Corn for December delivery shot up to an all-time high of nearly $US8 a bushel, while soybeans hit a new record of $US15.69 for November delivery.

Corn prices have risen by 80 per cent in the past year, driven by ethanol demand and rising global food consumption.

Sourced from ABC Rural.