Corn or Mize Price Rocketed USD 7.99 per Bushel

Price of corn, or maize, rocketed to an all-time peak at $7.99 per bushel on Friday, propelled by supply fears after the United States slashed its production forecasts.

The US Department of Agriculture (USDA) on Thursday cut its inventories forecast for the new crop year to 335.3 million tonnes. That compared with the previous estimate of 343 million.

"Corn prices jumped as the USDA revised corn production estimates significantly lower this week due to reduced acreage," said SEB commodities analyst Filip Petersson.

"Planting delays on wet and cold weather has forced some farmers to switch acreage from corn to soybeans that can be planted slightly later than corn without the same risk for yield losses.

"US and global corn inventories are exceptionally tight at the moment and relief will not come until the US harvest starts in September-October."

Sucden analyst Brenda Sullivan added that sentiment was dented on Friday by the rising US currency.

"The dry weather combined with the USDA report to push corn futures higher across the board yesterday. Today's trading seems impacted by a stronger dollar, with corn futures trading lower."

By Friday on the Chicago Board of Trade, maize for delivery in July advanced to $7.92 a bushel from $7.54 a week earlier.

July-dated soyabean meal -- used in animal feed -- slid to $13.85 a bushel from $14.08.

Wheat for July eased to $7.53 from $7.73.

PRECIOUS METALS: Gold pulled lower but still remains supported by low global interest rates and ongoing economic gloom.

By late Friday on the London Bullion Market, gold eased to $1,529.25 an ounce from $1,540 the previous week.

Silver rose to $37.38 an ounce from $35.19.

On the London Platinum and Palladium Market, platinum climbed to $1,829 an ounce from $1,807.

Palladium gained to $810 an ounce from $770.

BASE METALS: Industrial metals prices were pressured by fears over the strength of demand from key consumer China.

"China's imports continued to decline for May, according (to) the preliminary data," said Deutsche Bank research analyst Michael Lewis.

"We believe the complex is likely to remain under pressure for the summer months," he added.

By late Friday on the London Metal Exchange (LME), copper for delivery in three months fell to $8,931 a tonne from $9,006.25 the previous week.

Three-month aluminium eased to $2,610 a tonne from $2,627.50.

Three-month lead rose to $2,550 a tonne from $2,407.

Three-month tin slid to $25,401 a tonne from $25,810.

Three-month zinc rose to $2,256 a tonne from $2,239.50.

Three-month nickel dropped to $22,856 a tonne from $22,605.

COCOA: The market gained more ground amid lingering concerns over top producer Ivory Coast.

"While the main harvest in Ivory Coast is progressing well, there are still uncertainties about the current interim harvest on effects of the months-long political unrest," said Commerzbank analysts in a note to clients.

By Friday on LIFFE, London's futures exchange, cocoa for delivery in September jumped to ?1,857 a tonne from ?1,782 the previous week.

In New York on the NYBOT-ICE, cocoa for September rose to $2,987 a tonne from $2,875.

COFFEE: Coffee prices crept higher.

By Friday on NYBOT-ICE, Arabica for July firmed to 263.70 US cents a pound from 263.30 cents the previous week.

On LIFFE, Robusta for delivery in September rose to $2,511 a tonne from $2,496.

SUGAR: Sugar continued an impressive rally.

By Friday on NYBOT-ICE, the price of unrefined sugar for delivery in July rose to 24.36 US cents a pound from 23.86 cents the previous week.

On LIFFE, the price of a tonne of white sugar for August increased to ?722.50 from ?695.70.

RUBBER: Prices flattened amid a lack of fresh leads amid caution over the prospects for the world economy.

The Malaysian Rubber Board's benchmark SMR20 dropped slightly to 466.55 US cents per kilo from 466.90 US cents last week.