23.07.2012

Corn and soyabean prices surged to fresh record highs as concerns heightened over a shortage of crops amid the worst US drought in half a century. Both corn and soybean prices posted records for any contract at the close on the Chicago Board of Trade, with the August corn contract up 6 cents per bushel to $8.01 and soybeans up 48 cents per bushel to $17.31.
The sharp increase in grains prices comes as a devastating drought has downgraded prospects for corn and other grains as well as soyabeans in the US. Meteorologists also this week confirmed the worst drought in the US for half a century.  88 per cent of the domestic crop struggles in drought-hit regions. The rising corn prices have caused a large drop in the share prices of major chicken producers.