Futures and contract prices for corn shot up this week after the United States Department of Agriculture sharply reduced its projected yield figure for last year’s harvest.
It cut its yield projection by 3.8 bushels per acre, the most dramatic reduction in 25 years.
The change also involved adjustments to storage stock estimates.
Reaction was swift with nearly all corn contracts up the 25-cent limit, pushing well above the $5 mark (all figures in US currency).
