Corn, Wheat Surge as Supply Drop Exceeds Forecast: Chicago Mover
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Corn and wheat surged the most in at least three months after a government report showed drought and rising demand eroded stockpiles more than previously forecast in the U.S., the world’s biggest grain exporter.
Corn futures for March delivery surged as much as 3.6 percent on the Chicago Board of Trade, before settling up 1.4 percent at $7.0875 a bushel at 2 p.m. Wheat futures for March delivery gained as much as 3.8 percent, the most since Sept. 28, before settling at $7.5475 a bushel, up 1.4 percent.