Corn Futures Jump Most Since June on Unexpected U.S. Supply Drop

-- Corn prices surged the most in three months after the U.S. reported an unexpected plunge in domestic inventories to an eight-year low, signaling stronger demand for the grain.

Stockpiles left from last year’s harvest in the U.S., the world’s biggest grower and exporter, totaled 988 million bushels on Sept. 1, down 12 percent from 1.128 billion a year earlier, the U.S. Department of Agriculture said today in a report. Analysts in a Bloomberg survey expected 1.145 billion, on average. Wheat inventories fell to a four-year low, and sorghum reserves were the smallest since 1996, the agency said.