Corn Rallies as Tightening U.S. Inventories Seen; Soybeans Gain
This article is for subscribers only.
Corn jumped for the first time in four days on signs that buyers will compete for tightening inventories in the U.S., the world’s largest grower, before farmers harvest a record crop in September. Soybeans also rose.
Stockpiles will total 19.29 million metric tons in the year that ends Aug. 31, down 23 percent from a year earlier, after the worst U.S. drought since the 1930s cut output last year by 13 percent, U.S. Department of Agriculture data show. Global reserves will fall 5.1 percent, the USDA said May 10. Corn for delivery in July, before the harvest, is trading at the widest premium to December futures in seven weeks.