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Crop Prices Advance After U.S. Supply Shrinks More Than Expected

Crop prices rose in Chicago, driving corn toward the longest rally since February, as U.S. government estimates showed shrinking stockpiles after the worst drought since the 1930s seared fields across the Midwest.

Corn inventories on Dec. 1 were 8.03 billion bushels, 17 percent less than the year-earlier 9.647 billion, the U.S. Department of Agriculture said in a report on Jan. 11. Analysts surveyed by Bloomberg expected 8.219 billion. Wheat reserves on May 31, before the 2013 harvest, will be 716 million bushels, down 5 percent from a December estimate and less than the 741 million expected by analysts.