US corn prices surged 6.5 percent on Friday to their highest levels since the food crisis of 2008, setting the stage for record global food prices - which have sparked social unrest - to push even higher. Futures, which rose 4.5 percent on Thursday, were fuelled by strong demand for corn to make food and fuel. That demand has whittled down the corn supply, which was already at its lowest level in 15 years in the United States, the world's top exporter of the grain.
Corn for May delivery on the Chicago Board of Trade rose by as much as 45 cents on Friday to 2-3/4 year high of $7.38-1/4 a bushel, a 6.5 percent gain that was the strongest in nine months. The contract was up 44 cents, or 6.3 percent, at $7.37-1/4 by 11:35 am Soyabeans for May delivery fell 15 cents, or 1.1 percent, to $13.95-1/4 per bushel. It was the steepest decline in 2-1/2 weeks. CBOT May wheat fell 2-1/2 cents to $7.60-3/4 a bushel after earlier rising to a 3-1/2 week peak of $7.74 on spillover support from surging corn.
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