Corn, Soybeans Decline as USDA Raises Forecast for World Crops
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Corn futures fell after the U.S. government raised its outlook for global supplies as an expanding grain glut drives down global food costs. Soybeans declined for the first time in six sessions.
World corn stockpiles will be 192.2 million metric tons, up from 191.5 million forecast last month, the U.S. Department of Agriculture said today. The agency increased its outlook for global production, citing bigger crops in Europe and China. The USDA raised its forecast for global soybean production, and expects inventories to reach an all-time high.