Corn Futures Drop After U.S. Raises Inventories Estimate

Corn prices dropped after the U.S. government unexpectedly raised its estimate for domestic inventories for the current crop season.

Reserves will rise to 1.76 billion bushels by Aug. 31 from 1.731 billion this year, the U.S. Department of Agriculture said Tuesday in a report. The average estimate of 29 analysts surveyed by Bloomberg News was 1.597 billion. In October, the agency forecast 1.561 billion.

Corn futures for December delivery fell 1.6 percent to $3.60 3/4 a bushel at 12:04 p.m. on the Chicago Board of Trade.

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