Corn Prices Slump to Five-Year Low on Bumper U.S. Crop
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Corn futures fell to a five-year low as farmers started harvesting the largest-ever crop in the U.S., the world’s top grower, reducing costs for livestock producers and grain processors.
Rains and cool Midwest temperatures boosted plants this year with 74 percent of the crop rated in good or excellent condition as of Sept. 21, the best in two decades, U.S. Department of Agriculture data showed. Farmers will harvest a record 14.395 billion bushels this season, up 3.4 percent from a year earlier, the USDA estimates.