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Corn hits all-time high, raising food crisis fears

August 13, 2012

Corn futures soared more than 3% to a record peak of $8.4375 a bushel after the US government said that the drought ravaging the US farmbelt had destroyed a sixth of the country’s corn crop in just one month, slashing its estimate for the US corn crop by 16.9% from its previous estimate in July to just 10.779 bn bushels.