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Corn Rises to Record on Adverse U.S. Weather, Surging Grain Use

Corn surged to a record approaching $8 a bushel on signs that global inventories will drop as adverse weather slashes acreage in the U.S., the world’s top producer, and demand rise for livestock feed and ethanol.

Worldwide stockpiles will be 111.89 metric million tons before the 2012 harvest in the Northern Hemisphere, the U.S. Department of Agriculture said yesterday. That was down from 129.14 million forecast in May and 117.44 million that the agency says will be in storage by Oct. 1. U.S. supplies before the 2012 harvest were estimated at the lowest since 1996.