Corn Hits Record High

Corn prices are rallying amid heightened concerns about tight
supplies even as demand remains strong.

Corn rose 27.5 cents to settle at $5.5575 a bushel Monday. It's
the highest price for corn since the recession intensified in the
fall of 2008.

Much of the trading stems from a government forecast released
Friday that lowered this year's production estimate by 3 percent.

Meanwhile, more overseas buyers are turning to U.S. corn to help
feed their livestock after a drought ravaged Russia's wheat crop,
including grains used to feed cattle and hogs.

There's also strong demand among ethanol producers and domestic
livestock owners.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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