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Corn Stockpiles Dropping in U.S. as Meat, Ethanol Demand Widens

Corn stockpiles in the U.S., the world’s largest grower, are plunging to a 15-year low and may be smaller than the government forecast last month as rising demand from makers of feed and ethanol drive prices higher.

Stockpiles on Sept. 1, before the harvest, will drop 66 percent from a year earlier to 589 million bushels, a Bloomberg survey of 30 analysts showed. That’s 13 percent less than a March 10 estimate by the U.S. Department of Agriculture, which will update its forecast today. Tightening supply led Goldman Sachs Group Inc. to raise its corn-price forecast last week.