Corn Continue to Climb Higher on Expectations the USDA Will Cut Harvest Estimates

“Corn rose to a record in Chicago on speculation the U.S. Department of Agriculture will cut its harvest estimates as the worst U.S. drought since 1956 scorches crops, driving global food costs higher.

U.S. corn output may slide to 10.929 billion bushels, 16 percent smaller than the government estimated in July, according to a Bloomberg News survey before the USDA releases predictions later today. Corn has surged 64 percent since mid-June, leading gains in soybeans and wheat, as drought conditions cover more than 60 percent of the lower 48 states. The past month’s jump in crop prices spurred the biggest increase in world food costs since November 2009, theUnited Nations said yesterday.”

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