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Corn Futures Fall to Three-Year Low on U.S. Crop Outlook

Corn futures slumped to the lowest price in more than three years on speculation that a government report this week will show increasing supplies in the U.S., the world’s top grower. Soybeans gained, while wheat fell.

The corn crop may be a record 14.03 billion bushels, or 1.3 percent more than the U.S. Department of Agriculture predicted in September and 30 percent larger than in 2012, according to a Bloomberg survey of 36 analysts. Inventories before the 2014 harvest may more than double to 2.04 billion bushels from a year earlier, the survey showed. The U.S. Department of Agriculture will update its forecasts on Nov. 8.