The price of corn for March delivery jumped 23 cents/ bushel to $6.97 on the Chicago Mercantile Exchange today after the USDA reported that available corn stocks were 675 million bushels, down from 1.7 billion bushels a year ago and the lowest since 1995. The May and July contracts are over $7/bushel, the highest since July 2008. Traders expected a higher carry over. The report says ethanol demand would be about 50 million bushels larger, to 4.95 billion, than in its report a month ago.
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