12 Feb '11, 1am

Cup corn may no longer be a cheap eat as the price of corn hits a 2yr high

Cup corn may no longer be a cheap eat as the price of corn hits a 2yr high

Corn started rising earlier this week after the US Department of Agriculture forecast showed reserves of corn at their lowest levels in 15 years. -- PHOTO: AP NEW YORK - CORN prices closed at their highest levels since the global food crisis of 2008, reflecting tighter supplies that have markets jittery about shortages in the face of growing demand. Corn started rising earlier this week after the US Department of Agriculture forecast showed reserves of corn at their lowest levels in 15 years. US farmers will have only 675 million bushels of corn on hand by the end of August, which is roughly 5 per cent of all corn expected to be used by that time. The reported shortage has encouraged speculators to bid up long-term prices while encouraging commercial users like ethanol makers to snap up supplies, said John Sanow, analyst with Telvent DTN in Omaha, Nebraska. 'We're in a dem...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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