Corn futures shot above $7 a bushel for the first time Wednesday, hitting a record for a fifth day after heavy Midwest rains prompted the U.S. Department of Agriculture to lower its 2008 output estimate.

Other commodities traded broadly higher on the back of a rally in crude oil, which jumped more than $6 a barrel. Gold, silver, copper and most agriculture futures also traded higher.

U.S. corn production is expected to reach 11.7 billion bushels this year, a 10 percent drop from last year's crop, the USDA said in a report Tuesday. It also reduced its yield forecast to 148.9 bushels per acre, down from 153.9 bushels per acre forecast in May.The lower forecast follows pounding Midwestern rains that have flooded acres of corn fields and delayed spring planting.

"The weather has gotten more bullish over the past week and the USDA report probably doesn't reflect how bullish things are because it didn't address the lost acreage," said Elaine Kub, analyst with DTN in Omaha. "If things dry out it may help get rid of some of this bullish fervor in the futures markets, but I don't think it's going to help yields."

Corn for July delivery jumped the maximum-allowed 30-cent daily limit to fetch an all-time high of $7.0325 a bushel on the Chicago Board of Trade. The new crop December contract also traded limit up, gaining 30 cents to a record $7.3275 a bushel.

Surging global demand to make alternative fuel and feed livestock has pushed corn prices up 83 percent in the last year. Prices have jumped 17 percent in the last month alone.

Higher corn prices mean consumers can expect to pay more for meat and pork as livestock owners are forced to ration their herd size to cope with rising animal feed costs. Ethanol producers will also suffer from more expensive corn, the main feedstock in the United States.

"I don't know how long we can sustain these gains without pausing to see how this affects demand because $7 corn is really high," Kub said.