Chris Flood, writing on Friday at the Financial Times Online, reported that, "Torrential rain across parts of the Midwest pushed US corn prices to record levels on Friday, prompting concerns about the outlook for this year's harvest.
"In Chicago, CBOT July corn jumped 20¾ cents to a record $6.63¼ a bushel, taking gains for this year so far to 45.6 per cent."
The FT article added that, "One trader estimated that about 4m acres of corn and up to 19m acres of soyabeans for this year's harvest have yet to be planted.
"CBOT July soyabeans rose 40 cents to $14.88 a bushel, up 24.1 per cent this year.
"Further rain is expected ahead of a key update from the US Department of Agriculture on Tuesday."
Similarly, Associated Press writer Stevenson Jacobs reported on Friday that, "Corn futures shot up to a record for a second day Friday, driven higher by heavy rain in Midwestern states, a slumping dollar and skyrocketing crude oil prices.
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