Corn Slumps to Three-Year Low on Rising Inventory in U.S.
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Corn futures plunged to a three-year low after the U.S. Department of Agriculture boosted its inventory estimate by 25 percent. Soybeans dropped the most in six months as supplies topped analyst estimates by 11 percent.
Stockpiles of corn on Sept. 1 were 824 million bushels, the USDA said today in a report. That compared with the agency’s estimate of 661 million on Sept. 12. Analysts in a Bloomberg News survey last week expected 694 million, on average. Soybean inventories were 141 million bushels, and a gauge of demand tumbled 41 percent in the three months ended Aug. 31 from a year earlier.