Corn Gains as U.S. Inventories Seen Plunging; Soy, Wheat Decline
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Corn rose for the seventh time in eight sessions on speculation that the U.S. Department of Agriculture will report that domestic stockpiles slipped to a 15-year low. Soybeans and wheat fell.
Inventories of corn on March 1 probably totaled 4.995 billion bushels, down 17 percent from a year earlier and the lowest for that date since 1998, according to a Bloomberg survey of 31 analysts. The USDA will issue its report on March 28. Supplies are tightening after last year’s drought, the worst since the 1930s, cut production by 13 percent to 10.78 billion bushels, government data show.