Corn prices continued their record-breaking run on Wednesday, breaking above the key $7 a bushel level for the first time and inspiring strong gains for other agricultural commodities.

In Chicago, CBOT July corn jumped by the 30 cent daily trading limit to a record $7.03¼ a bushel, amid growing concern about the outlook for this year’s crop.

On Tuesday, the US Department of Agriculture cut its forecasts for 2008-09 production and yields but analysts fear more bad news will follow due to wet weather affecting growing conditions in the Midwest.

Virtually all of the futures curves shifted higher with contracts between July 2008 and March 2010 up by the daily trading limit. Corn prices have risen 54. ... Read full article