Corn futures dropped to a five-year low after the government said U.S. inventories before the start of this year’s harvest were bigger than analysts forecast.
Domestic stockpiles on Sept. 1 were 1.236 billion bushels, the U.S. Department of Agriculture said today. That compares with the agency’s estimate of 1.181 billion on Sept. 11. Analysts in a Bloomberg News survey expected 1.191 billion, on average.
Two years after the worst U.S. drought in decades drove corn prices to the highest ever, futures are slumping as three months of rain and mild weather boosted the outlook for yields. Farmers in the U.S., the world’s top producer, are set to collect a record harvest this year.
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