Corn hits another record

Corn futures hit another record today as the U.S. Dept. of Agriculture lowered corn forecasts:

The latest rally was sparked after the USDA on Tuesday cut its forecast for the average U.S. 2008 corn yield to 148.9 bushels per acre, down sharply from its May figure of 153.9.

As a result, the USDA lowered its corn production estimate to 11.7 billion bushels, down from 12.1 billion in May and down 10 percent from last year's crop.

Rice, soybeans, and wheat also jumped.