U.S. Drought Set to Cut World Corn Supply by 60 Million Tons

The global corn market may see 60 million metric tons “disappearing” as drought cuts the U.S. harvest, said Australia & New Zealand Banking Group Ltd.

The harvest in the U.S., the largest corn grower and exporter, will probably drop 20 percent to 25 percent this year, after drought cut wheat harvests in the Black Sea region, Paul Deane, an agricultural economist at ANZ, said in an interview with Susan Li on Bloomberg Television’s “First Up.”