Corn prices 'to set record in 2011 - by a margin'

Corn prices are heading for a record in Chicago next year – by a distance - boosted by the prospect of greater competition by Chinese buyers and US ethanol plants for supplies, Phillip Futures has said.

The Singapore-based broker followed many other brokers in making corn its top pick among food commodities in 2011. The likes of Barclays Capital, Goldman Sachs and Rabobank have also trumpeted prospects for the grain's price.

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