Corn Jumps to 30-Month High on Improved Demand; Soybeans Fall
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Corn surged to the highest since July 2008 on speculation that demand from China will surge to a record, further eroding global stockpiles. Soybeans fell.
China’s corn imports may reach 9 million metric tons in 2011, the U.S. Grains Council said yesterday. That would be more than double the previous record of 4.3 million tons set in 1995. Demand is soaring after the government sold grain from state warehouses to curb food prices. World inventories may tumble to 50 days of estimated use, the second-lowest since 1976, Department of Agriculture data show.