The Associated Press February 9, 2011, 5:26PM ET

Corn prices rise as global stockpiles shrink

Corn prices are rising after a new government report predicted stockpiles will hit a 15-year low by late August.

The U.S. Agriculture Department's latest forecast predicts corn supplies to total 675 million bushels as of late August when this year's harvest begins. That's roughly 5 percent of all corn that will be consumed which would be the lowest surplus level since 1996.

The government also says global stockpiles fell in part because of a smaller crop from Argentina and stronger demand.

Corn futures prices settled up 3.6 percent Wednesday at $6.98 a bushel.

Other commodity prices are mixed.

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