Corn Advances to 30-Month High, Wheat Gains on Falling Stocks
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Corn rose for a fifth day to a 30-month high in Chicago and wheat climbed amid shrinking global stockpiles. Soybeans advanced on speculation that a strengthening yuan may spur imports into China.
World corn supplies will fall 14 percent this year and wheat inventories will drop 9.8 percent, the U.S. Department of Agriculture said last week. Prices also gained as the dollar weakened, making U.S. crops cheaper in terms of other monies. The yuan advanced to a 17-year high against the U.S. currency yesterday.