Corn Plunges to Three-Month Low on Supply Gain; Soybeans Decline
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Corn plunged, heading for a record monthly decline, after a government report showed larger U.S. inventories than forecast, signaling reduced demand for the grain used in animal feed and ethanol. Soybeans also declined.
Consumption of corn in the U.S., the world’s largest grower and exporter, fell to 2.54 billion bushels in the three months ended Aug. 31 from 2.6 billion a year earlier, the Department of Agriculture said today in a report. Feed use dropped 7.9 percent to 456 million bushels. Prices are down 23 percent since the end of August, heading for the biggest monthly decline on record.