Corn Rises Before USDA May Lower Estimate for World Inventories

Businessweek (Feb. 8, 2012) | Corn rose in Chicago on speculation the U.S. Department of Agriculture may lower its estimate for global stockpiles. Soybeans and wheat gained. The USDA may cut its estimate for corn inventories this year by 2.9 percent from a January forecast to 124.44 million metric tons (4.9 billion bushels) as drought curbs production in South America, according to the average estimate of 15 analysts surveyed by Bloomberg News. The USDA will release its latest supply outlook at 8:30 a.m. in Washington tomorrow.