Corn futures prices skyrocket to 3-year high

Severe, widespread drought in major producing provinces fuels negative outlook for 2014 harvest

China's corn futures prices rocketed amid a negative outlook for the harvest in 2014, after widespread drought hit major producing areas in the country.

Contracts for corn that deliver in September 2014 rocketed to 2,547 yuan ($412.19) per metric ton on Monday, the highest since 2011. Contracts for corn that deliver in January 2015 jumped to 2,389 yuan per metric ton, up 102 yuan in two weeks, according to data from the Dalian Commodity Exchange, China's major futures exchange for agricultural products.