Corn Falls on Speculation U.S. Output to Reach a Record
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Corn futures fell for the first time in four sessions on speculation growers in the U.S., the world’s biggest shipper of the grain, will increase production 15 percent to a record. Wheat also declined.
U.S. corn production may jump to 14.27 billion bushels in 2012-13, the most ever, as seedings increase to 94 million acres, the most since 1944, the Department of Agriculture said in a report on Feb. 24. Yields may average 164 bushels an acre, the USDA said. About 4.95 billion bushels will be used to make ethanol, the fewest in three years, according to the report.