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Corn Climbs to Three-Year High as USDA Slashes Supply Estimates

Corn jumped to the highest price in almost three years after the U.S. Department of Agriculture forecast tighter supplies, as adverse weather hurt crops.

U.S. stockpiles before the start of the 2012 harvest may fall to 695 million bushels, the lowest since 1996, even as farmers collect a record crop, the USDA said. World inventories are projected to drop next year to the lowest since 2004. Prices have more than doubled in the past year as global output trailed gains in demand for livestock feed and biofuels.