Corn rises to record, rallies 15 pct on supply fears

U.S. corn futures hit a record high on Tuesday, extending their biggest rally in six months as traders feared supplies could run out unless ranchers or ethanol makers cut back on purchases. Corn has surged more than 15 percent in four days since a U.S. government report showed unexpectedly low inventories as of March 1. Gains slowed on Tuesday, with prices up a 0.7 percent as traders bet that the U.S. Agriculture Department on Friday will further downgrade its end-of-season stocks forecast. But with supplies at their tightest since the 1930s many saw more gains ahead. "Corn has the potential to go higher and I see spot up to $8.25 to $8.45 and it will happen in April or early May," said Tim Hannagan, analyst for PFG Best...more