Corn Closes at $5.1325 bu, Up 58% Since Late June

The last leg of the market’s recent climb to 23-month highs has been fueled largely by the U.S. crop. On Sept. 10, the Department of Agriculture projected a yield of 162.5 bushels per acre, versus the 165 bushels estimated a month earlier. The USDA said that by 2011, supplies as a percentage of total usage would be at their lowest level in 15 years. Many traders expect crop projections to continue dropping, perhaps to 160 bushels per acre or lower. A wet early summer that washed away fertilizer, followed by hot nighttime temperatures that never gave the crop a chance to “rest,” are being blamed. – Barron’s

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