Corn Spreads Collapse as Brazil Exports, U.S. Crop Boost Supply
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Corn spreads in Chicago have collapsed from a peak in July, and buying grain for December delivery is now cheaper than for March delivery as an early U.S. harvest and record Brazil exports are boosting immediate supply.
Corn for December delivery has slipped 6.8 percent in the past month to $7.4675 a bushel, while the March contract dropped 6.4 percent to $7.5025 a bushel in the same period, making corn for the closer date 3.75 cents cheaper. Buyers on July 20 had to pay 14.5 cents more for corn delivered in December.