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Corn prices still moving toward record highs
Posted on May 22, 2008
On the back of soaring oil prices, corn futures for July delivery hit an intraday high of $6.22 a bushel Thursday, the highest since May 12, according to MarketWatch. Futures closed down 11.4 cents at $5.956 a bushel on the Chicago Board of Trade. Corn futures hit a record high of $6.375 a bushel on May 9 on expectations corn stockpiles will drop to the lowest level in more than a decade in the 2009 crop season. The U.S. Department of Agriculture projected corn for ethanol production will reach 4 billion bushels next year, up more than 30% from this year and accounting for nearly 40% of domest...
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