Corn prices may reach a record $8.75 per bushel before the harvest if the current drought in the southern U.S. reaches the Midwest, according to Jack Scoville, vice president for Price Futures Group in Chicago.


On the other hand, if the crop is not harmed by extreme weather and production is "very good," prices may drop to $4.50 per bushel. "A lot will depend on what we see in the weather forecast the next few weeks," said Scoville. If it's dry, "you can probably throw some of these lower ideas out the window and look for significantly higher prices, as the U.S. market tries to regulate demand against the potentially available supply."