U.S. Farmers Open Up Silos as Corn Hits `Magic' Price Levels

The best rally for corn prices in 10 months meant U.S. farmers were frantic to sell from the mountain of grain they’d been hoarding.

Growers have been stockpiling supplies following a string of bumper harvests, waiting patiently for a rebound in prices. Their hopes have finally been answered after dry weather threatened crops in Brazil, sending futures traded in Chicago to their highest in nine months. With more than 50 percent of U.S. corn stockpiles stashed on farms as of March, the unexpected price gains had resulted in “quite brisk” sales and deliveries