Corn Advances to 33-Month High as Demand Erodes U.S. Stockpiles
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Corn prices climbed to the highest since July 2008 on speculation that U.S. inventories will tighten as demand increases for food, livestock feed and fuel.
U.S. corn stockpiles on March 1 dropped to the lowest for the date in four years, the Department of Agriculture said last week. The agency may cut its forecast this week for supplies held as of Aug. 31. The U.S. sold 101,600 metric tons to unknown destinations, the USDA said today. High fuel costs are boosting demand for grain-based ethanol, and feed demand is rising as cattle and hog prices climb.