Corn, Soybeans Retreat as Record U.S. Crops Seen Boost Supplies - Bloomberg
Corn fell the most this month and soybeans posted the biggest drop since March on signs of ample global supplies as U.S. farmers rebound from last year’s drought with record crops in 2013. Wheat also declined.
Stockpiles of corn in the U.S., the world’s top grower, will more than double to 1.959 billion bushels by the start of the 2014 harvest, the U.S. Department of Agriculture said yesterday. The agency also reduced its outlook for global demand, which will fall short of production. Soybean reserves in the U.S. also will double, boosting world stockpiles by 20 percent to a record 74.12 million tons, USDA said.