Corn Rises on Concern Higher Acreage Will Fail to Boost Stocks
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Corn rose to the highest price in almost a month in Chicago, extending yesterday’s jump, on concern increased plantings in the U.S. will fail to rebuild global inventories.
U.S. stockpiles on March 1 dropped to 6.52 billion bushels, the lowest for the date since 2007, the Department of Agriculture said yesterday. Higher profits will spur farmers to sow corn on about 92.178 million acres, the second-largest area since 1944, at the same time that increasing food and biofuel demand cuts world inventories, the USDA said.