Corn Futures Rally as USDA Reports Inventory Drop; Soybeans Gain
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Corn rose to the highest price this month after the government said U.S. stockpiles will be smaller than expected, heightening concern that costs for food and fuel will climb. Soybean prices also gained.
U.S. corn inventories before next year’s harvest may total 870 million bushels, the lowest since 1996, the Department of Agriculture said today. Analysts in a Bloomberg News survey expected 1.029 billion. The USDA boosted its export forecast and said a record 5.15 billion bushels will be used to make ethanol, more than estimated last month.