The outlook for the corn crop in the United States was downwardly revised again by the U.S. Department of Agriculture, as the price of corn traded at a record $8.49 a bushel on Friday, with investors taking profits on Monday, as prices pulled back to $7.89 a bushel on the Chicago Board of Trade for December delivery.
For the year, corn is estimated to come in at 10.8 billion bushels, down 13 percent from the 2011 yield. The average yield per acre is expected to be at 123.4 bushels, the lowest level since 1995.
Next growing season has also drawn concern, as the drought could continue on through the latter part of October, resulting in the depletion of water and further soil damage.
José Graziano da Silva, director general of the FAO, called upon the United States to suspend the foolish (our words) federal ethanol mandate which takes 40 percent of the domestic corn crop and wastes it as fuel.
The price of corn could reach from $9 a bushel, all the way up to $10 a bushel, depending upon the actual amount of corn that is produced, which has yet to actually be determined.
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