Summary Box: Corn surges on small supply forecast

AP News
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Posted: Jun 09, 2011 3:47 PM
Summary Box: Corn surges on small supply forecast

CORN SURGES: Corn prices are surging after the government predicted global inventories will remain tight next year. Stockpiles already are in short supply and analysts believe the U.S. needs to produce as much corn as possible to help meet robust demand.

SUPPLY ESTIMATES: The U.S. Department of Agriculture predicted corn stockpiles will be 695 million bushels in 2012. Global supplies were projected at 111.9 million tons, which would be the lowest inventory since 2006-2007.

ENERGY-OPEC: Oil prices rose as investors focused on how the world would meet energy demand after OPEC left production levels intact for now.