Evidence of tightening global food supplies grew as the U.S. Agriculture Department cut its
estimates for global harvests of key crops and raised some demand forecasts, adding to
worries about rising food prices.
Prices of corn and soybeans leapt 4% Wednesday and wheat gained 1%, continuing the broad
rally in commodity prices that began in June. With yesterday’s gains, prices of corn futures
contracts are now up 94% from their June lows; soybeans are up 51% and wheat is up 80%. For the complete story click here.