Corn Futures Post Biggest Drop in Year as Soybeans Plunge
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Corn futures capped the biggest decline in a year after the U.S. government said domestic stockpiles will be larger than forecast. Soybeans fell the most since 2009.
Corn inventories on June 1 in the U.S., the world’s biggest producer, reached 3.854 billion bushels, after production rose to a record last year, the Department of Agriculture said today. The average estimate of 26 analysts surveyed by Bloomberg was