Sunday, October 10, 2010

Corn futures limit up

Corn futures in Chicago surged to the highest level in two years after the U.S. Department of Agriculture last week cut its supply forecasts. Soybeans and wheat also advanced.

Corn futures for December delivery rose the 45-cent daily limit, or 8.5 percent, to $5.7325 a bushel on the Chicago Board of Trade. That’s the highest level since September 2008.

Yet, official government statistics on the consumer price index declare inflation is approximately 1%.

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