Corn Rises as USDA Crop Forecast Trails Forecasts by Analysts
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Corn futures rose the most in a week after the U.S. Department of Agriculture’s monthly forecast on production trailed estimates by analysts.
Output will be 12.497 billion bushels this year, the USDA said today in a report. Analysts in a Bloomberg News survey projected 12.554 billion, on average. Last month, the agency forecast 12.914 billion. Yields will drop to a six-year low, the government said. Prices in the U.S., the world’s top exporter, have jumped 56 percent in the past 12 months as adverse weather eroded supplies.