Corn prices on Tuesday fell to the lowest level this year after the US Department of Agriculture revealed that farmers were able to boost the country’s corn crop in spite of the damage wreaked earlier in the season by the worst flooding in 15 years.

The USDA forecast the 2008-09 season would see the second largest corn crop on record, triggering further selling of agriculture commodities futures. Corn prices for September delivery dropped about 1 per cent to $4.84¼ a bushel, the lowest since January.