Corn gains on concerns over flood-damaged crops

By STEVENSON JACOBS AP Business Writer
3:30 PM CDT, June 17, 2008

NEW YORK - Corn prices climbed higher Tuesday, staying in record territory after the government said flooding had swallowed nearly 10 percent of corn crops in Iowa, the largest U.S. grower.

Other commodities traded mixed, with crude oil, silver and copper falling and wheat and soybeans moving higher.

Devastating flooding in the Midwest has taken a toll on corn, with 12 percent of the U.S. crop -- or about 3 million acres -- in poor to very poor condition, up from 9 percent last week, the U.S. Department of Agriculture said in its weekly crop progress report."It's a big number. Having 3 million acres in poor condition sure hurts the national yield," said Jason Ward, analyst with Northstar Commodity in Minneapolis.

Read the full story