Corn Slumps to 35-Month Low on Outlook for Supply Gains
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Corn futures slumped to the lowest in almost three years on speculation that favorable weather will boost prospects for a record crop in the U.S., while expanding harvests from Brazil to Ukraine boost global supplies.
On the Chicago Board of Trade, corn futures for December delivery fell 1.4 percent to close at $4.5325 a bushel at 1:15 p.m., Earlier, the price touched $4.52, the lowest for a most-active contract Sept. 3, 2010. Bets by hedge funds on a slump rose to a record, government data showed today. This year, the grain has tumbled 35 percent, the most among 24 raw materials in the Standard & Poor’s GSCI Spot Index.