Corn Futures Hit Record High

I was just reading this next story at Yahoo News, and it concerns the new "high" for corn prices, in the wake of flooding, and propsects of even more devastating rains preparing to inundate the Midwest:

Corn futures extended their climb, rising to a record for a third straight session Monday as heavy rains flooded fields and battered crops in Midwestern states.

Other commodities traded mostly lower, with crude oil retreating more than $4 a barrel and gold, silver, copper and wheat also falling.

Farmers are worried that excessive rain in the U.S. Corn Belt will damage recently planted crops and hurt yields, adding to the food inflation that has driven up the price of everything from eggs to meat to bread. Last week's rain-fed jump in corn prices was the largest one-week rally in the contract's history.

Corn prices are poised to go even higher, analysts say. Weekend showers dumped as much as eight inches of rain over parts of Iowa, Illinois and Indiana, and forecasts predict more bad weather later this week.

link to full corn futures story