From: Reuters

Chicago corn futures rose to an all-time high in Asia on Monday, as U.S. grains and oilseed futures markets extended their rally from late last week on crude oil’s surge to a record high above $139.

Corn and soybean prices were also boosted by worries about young U.S. crops, due to torrential rains in the country’s heartland.

The lead July 2008 corn futures contract rose as high as $6.72 per bushel, up more than 3 percent and a record for a spot contract. It closed on Friday at $6.50-3/4.

The new-crop July 2009 corn contract scaled an all-time peak of $7.20 per bushel, after U.S. corn futures soared to a record above $7 on Friday.

Worries about tight fundamentals, such as low stocks and high demand, was likely to continue feeding the rally in corn, market participants said.

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