Corn Leads U.S. Crop Surge as Drought Seen Eroding Grain Output
This article is for subscribers only.
Corn surged to a record, leading rallies in soybeans and wheat, on mounting signs that the worst U.S. drought since 1956 will erode production from farmers that are the world’s largest exporters of the crops.
The U.S. Department of Agriculture, in a report tomorrow, probably will cut its domestic corn-crop forecast to 10.929 billion bushels, the smallest in six years, according to the average estimate of 29 analysts in a Bloomberg survey. That would be down 16 percent from a July forecast, the biggest August reduction since 1974. The estimate for soybeans may drop 8.3 percent to 2.796 billion bushels, the smallest since 2007.