Corn Rises on Sign Higher Cost Fails to Slow Demand; Wheat Gains
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Corn rose for the first time in three sessions on signs that the highest prices since 2008 have failed to slow demand for ethanol and animal feed. Wheat gained as adverse weather threatened U.S. crops.
U.S. corn reserves before the harvest will fall 60 percent to 675 million bushels, unchanged from last month’s forecast and the lowest since 1996, the Department Agriculture said today. Futures have more than doubled in the past year, and yesterday touched the highest since July 2008. Cattle prices reached a record this week, and oil touched a 30-month high.