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NEW YORK (AP) - Agriculture futures rose broadly Thursday, with corn prices surpassing $6 a bushel for the first time as supply concerns spurred buying of the grain used to feed livestock and make biofuel.
Other commodities traded mixed, with precious metals rising and energy futures falling.
Corn's record-setting rally comes amid soaring global demand for the grain but also an expected drop in production from the United States, the world's largest corn producer. In its annual planting report released this week, the U.S. Department of Agriculture projected farmers will plant 86 million acres of corn — an 8 percent drop from last year. The bigger-than-expected shortly will likely add to already tight supplies, leading to higher meat prices and soaring costs for producers of alternative fuel like ethanol.
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