Corn futures rack up another day of gains

Last Friday morning, the U.S. Department of Agriculture shocked the markets with its latest report, showing sharp drops in the projected yields for the 2010-2011 U.S. corn harvest.Last Friday morning, the U.S. Department of Agriculture shocked the markets with its latest report, showing sharp drops in the projected yields for the 2010-2011 U.S. corn harvest.

That news sent the prices of corn, wheat and soybean futures spiking to their Chicago Mercantile Exchange-imposed trading limits. That news sent the prices of corn, wheat and soybean futures spiking to their Chicago Mercantile Exchange-imposed trading limits. 

Some grains continued their upward run today, as commodity traders priced in more fear about the global food markets.Some grains continued their upward run today, as commodity traders priced in more fear about the global food markets.

Corn futures for December delivery rose 33 and 1/2 cents to 561 and 3/4 cents per bushel on Columbus Day - with markets looking at a significant shortfall in U.S. production, farmers may find it difficult to meet global demand.Corn futures for December delivery rose 33 and 1/2 cents to 561 and 3/4 cents per bushel on Columbus Day - with markets looking at a significant shortfall in U.S. production, farmers may find it difficult to meet global demand.

One of the hardest-hit industries may be the wheat industry, which relies a great deal on corn to feed cattle, chickens, hogs and and other livestock. The rising price of corn will almost certainly be passed on and hit meat-buyers' wallets.One of the hardest-hit industries may be the wheat industry, which relies a great deal on corn to feed cattle, chickens, hogs and and other livestock. The rising price of corn will almost certainly be passed on and hit meat-buyers' wallets.

Soybean futures for November delivery also gained, climbing 32 and 3/4 cents to $11.67 and 3/4 per bushel.Soybean futures for November delivery also gained, climbing 32 and 3/4 cents to $11.67 and 3/4 per bushel.

Though some fear a repeat of 2007 and 2008 - when food prices spiked around the globe, putting pressure on emerging-market consumers and the urban poor in many nations - United Nations officials are asserting that the globe is not in any danger of another food crisis.Though some fear a repeat of 2007 and 2008 - when food prices spiked around the globe, putting pressure on emerging-market consumers and the urban poor in many nations - United Nations officials are asserting that the globe is not in any danger of another food crisis.