Bloomberg News

Corn May Average Record $8.15 as Crops Are Dying, CBA Says

July 20, 2012

Corn futures in Chicago may average a record $8.15 a bushel in the second half as a drought in the U.S. cuts yields in the biggest grower to 137.5 bushels per acre, according to Commonwealth Bank of Australia. (CBA)

“Extreme drought in the U.S. is devastating agricultural production prospects,” CBA said in a report today. “Crops are literally dying in the field. Grain and oilseed prices are rallying, and food-inflation concerns are resurfacing.”

To contact the reporter on this story: Luzi Ann Javier in Singapore at

To contact the editor responsible for this story: Jake Lloyd-Smith at

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