“I wouldn’t look for a big pullback in these prices,” said University of Illinois Extension economist Darrell Good.
Corn for July delivery resumed its March on $7 a bushel at the Chicago Board of Trade on Tuesday in anticipation of reduced yields this summer, closing at a record $6.73 per bushel. The previous record high of $6.72 was reached Monday.
A variety of commodity analysts also warned the prospect of a smaller crop across the Corn Belt this summer would only add to food prices already on the rise as a result of energy costs, aweak dollar and export demand.
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