Corn Drops on Speculation Chinese Demand Will Slow for U.S. Crop
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Corn prices dropped for the first time in three sessions on speculation that China may reduce imports of U.S. grain as domestic inventories swell. Wheat also fell, while soybeans gained.
Supplies held in Chinese government silos may reach 60 million metric tons before the start of this year’s harvest, Fred Gale, an economist with the U.S. Department of Agriculture, said today. Demand has slowed from poultry farmers as cases of human infections of the H7N9 avian influenza spread. Stockpiles held by the state and by farmers and consumers may rise 10 percent from a year earlier to 72 million tons by Sept. 30, the USDA has forecast.