Corn Surges on Reports of Less Acreage for Spring 2009

Farm Futures Magazine released a report his morning that indicated farmers are reducing acreage to be planted next spring in corn in favor of soybeans instead. Corn prices opened under pressure due to the state of the stock markets, but immediately surged much higher, and continues to escalate higher at this writing. Corn is 30 cents higher from the lows near the open of trading this morning.