Global Grain, Soybean Crops Seen Rising to Record by USDA
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Global farmers will harvest the biggest grain and soybean crops ever this year, boosting food reserves to the highest since 2000, the U.S. government said. Corn, wheat and oilseed futures in Chicago slumped.
Combined production of the three crops will jump 9.6 percent to 1.952 billion metric tons, the biggest increase since 2004, the U.S. Department of Agriculture said today in a report. While lower prices will increase consumption, world stockpiles will jump 13 percent to 416 million tons, the highest since 2001, the agency said.