Corn Prices Projected to Hit $5


With U.S. farmers planting less corn and more soybeans, grain analysts are predicting the price for corn will reach $5 per bushel in 2009.

 The reduction in acres planted to corn is projected down by 3 million from the 86 million planted last year. Soybean plantings, however, may go up 4.3 million to a record of 80 million acres.

“Corn surely gains on soybeans and next year the corn market has to buy acres back from beans … this year is the year of corn,” said Dan Basse, president of AgResource. Basse has predicted the Chicago Board of Trade corn prices will trade in the range of $3.50 to $5 per bushel this year.

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