Soybeans, Corn Plunge as USDA Sees Biggest Inventories
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Soybean futures fell the most in three months and corn extended the longest slump since December after the U.S. government forecasts bigger global inventories of both crops than analysts expected.
Soybean inventories on Oct. 1 will reach 60.12 million metric tons, more than the 59.46 million estimated in January and 8.8 percent larger than a year earlier, the U.S. Department of Agriculture said today in a report. Corn reserves will be 118.04 million tons, up from 115.99 million predicted last month. Analysts expected soybean reserves to drop to 59.07 million tons and corn at 115.57 million.