Corn inventory drops to eight-year low; futures prices jump - latimes.com
The country's corn, soybean and wheat inventory fell steeply from last year, according to a report released Friday by the U.S. Department of Agriculture.
In its latest grain survey,
the agency reported that as of Sept. 1, old corn stocks -- grain
harvested last year -- totaled 988 million bushels, a decline of 12%
from the same time last year. That is the lowest level since 2004.
Shortly after the survey was released, corn futures prices jumped by the 40-cent limit on the Chicago Mercantile Exchange on Friday, with delivery for December corn at $7.56 per bushel.
Prices were already high as
the worst drought in decades has decimated the country's corn crop. In
August, corn futures rose to a record high of $8.49 per bushel. But
prices eased after the Midwest saw some rainfall.
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