Boom in corn prices well and truly over

|By:, SA News Editor

This time last year, the U.S. was suffering from a severe drought that hit production and sent corn prices (CORN) to a record high of $8.31 a bushel.

Now, the harvest is expected to rise to at least 14M bushels from 10.8M in 2012, causing prices to sink to $4.65 a bushel. Soybean is down by over 20% from a year ago.

While the drop in prices - which is forecast to continue - is hurting farmers, it's providing relief for meat producers and other food companies.

Relevant livestock ETFs include COW and UBC.