The price of corn surged 5.6 percent Friday after the U.S. estimated that supplies hit their lowest level in eight years.
The U.S. Agriculture Department said corn in storage from the 2011 harvest totaled 988 million bushels on Sept. 1, which was 12 percent less than the previous year. About one-half of this year’s crop is in poor to very poor condition as the harvest nears its halfway point.
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