Published: Sep 28, 2012 4:35 PM EDT
Updated: Sep 29, 2012 6:31 AM EDT

The price of corn is surging after the U.S. estimated that supplies hit their lowest level in eight years.

Corn for December delivery rose 5.6 percent Friday to end at $7.5625 per bushel.

The U.S. Agriculture Department says corn in storage from the 2011 harvest is down 12 percent from the previous year. This year's harvest has yet to be added to inventories.

Friday is the last day of the third quarter, and commodities are posting strong gains as traders hope that the global economy improves. The U.S. and European central banks have taken steps to try to boost growth. Similar action is expected soon from China. Stronger growth will improve demand for commodities.

In other trading, prices are higher for oil, copper and soybeans. Gold and silver are lower.