Corn Drops on Concern Rally Is Curbing Demand; Wheat Declines
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Corn fell for a second day in Chicago on speculation a drought-fueled rally to a 13-month high may curb demand for supplies from the U.S., the world’s largest grower and exporter. Wheat also dropped.
U.S. output of ethanol, made from corn, fell 4.2 percent in the week ended July 6 to the lowest in almost two years, Energy Department data show. U.S. feedlots likely cut cattle purchases by 1.5 percent in June from a year earlier amid higher corn costs, according to a Bloomberg survey of analysts before a government report July 20. Corn has surged 51 percent since mid-June as Midwest crops withered under the drought.