February 26, 2008

CBOT May corn futures set all time-high on Monday

The Chicago Board of Trade (CBOT) May corn futures set a new all-time high for a nearby corn future at US$5.55 per bushel Monday, as concerns over tightening supplies amid strong global demand and battle for acreage continue.

The intraday high in open outcry pit trading and electronic trading each reached the new high of US$5.55 per bushel.

Broad-based buying in agricultural markets helped push prices to higher levels, with a surge to the US$23 per bushel level in March Minneapolis wheat, new all-time highs in soy futures and the need to keep corn prices competitive with wheat and soy as they battle for spring acres served as underpinning influences, analysts said.

The May future set a new all-time high of US$5.55 per bushel at 11:31 a.m. EST. The contract traded 1,214 lots at the record level on the electronic platform, according to CBOT data.

The all-time high of US$5.54 1/2 has stood since July 12, 1996.