Corn and soyabeans soared to record highs on Thursday, as the worsening drought in the US farm belt stirred fears of a food crisis, but prices came off their peaks at the start of Chicago trading after rain fell in parts of the Midwest. Chicago wheat futures also pared gains, but prices remained near their highest in four years, up more than 50 percent in a month. Wheat has gotten a boost from corn and soyabean futures, along with crop troubles in Europe, particularly Russia.
Chicago Board of Trade spot September corn rose 0.5 percent to $7.98-3/4 per bushel after hitting a record high $8.12, surpassing the peak of $7.99-3/4 set last July. New-crop December was down 0.2 percent at $7.83, after hitting a contract high of $7.99. August soyabeans rose 2 percent to $17.19, after posting a record high $17.46-1/2. New-crop November rose 1.6 percent to $16.45, hitting a contract high of $16.73-3/4. Chicago September wheat rose 1 percent to $9.17-3/4, peaking at a session high $9.37-1/2, the highest in nearly 4 years.
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