NEW YORK (AP) -- Corn prices crept closer to an unprecedented $8 a bushel Wednesday on concerns that damage to cornfields from Midwest flooding is worse than once thought, which could drive up the price of food.Other commodities traded mostly higher, with crude oil, gold, silver and copper futures gaining.
The U.S. Department of Agriculture will say how big this year's U.S. corn crop will be later this month, but the agency has already hinted it will do a follow-up survey to provide a better idea of how many acres have been lost to massive flooding that struck the Midwest last week. Estimates of the toll vary widely, from 2 million to 5 million corn acres damaged or destroyed by floodwaters.
"There is a fear that this destruction may be worse than we think," and that's driving corn prices higher, said Richard Feltes, senior vice president and director of commodity research for MF Global in Chicago.
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