Corn, Wheat, Soy Rise, Renewing Food-Inflation Concern
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Corn prices surged the most since June 2010, wheat had its biggest gain in five months, and soybeans rallied after government forecasts signaled tighter U.S. crop supplies, renewing concerns that food inflation will quicken.
Corn inventories on March 1 fell more than analysts forecast to the lowest for this time of year since 2004, the U.S. Department of Agriculture said today in a report. Wheat reserves dropped to a three-year low, and planting intentions trailed estimates. Farmers will sow 73.902 million acres with soybeans this year, down 1.4 percent from 2011 and the lowest in five years, the agency said after surveying farmers.