Corn Jumps to Highest Since 2008 as Stockpiles Shrink on Demand
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Corn rose for a third day to the highest price since 2008 in Chicago on concern that a planned increase in sowing in the U.S. will fail to rebuild global inventories drained by stronger demand.
U.S. corn stockpiles on March 1 dropped to 6.52 billion bushels, the lowest level for that date since 2007, the Department of Agriculture said on March 31. Farmers in the country will expand corn sowing to 92.178 million acres this year, the second-largest area since 1944, it said, citing a survey. The U.S. is the world’s biggest corn exporter.