Corn Declines After U.S. Cuts Supply Outlook Less Than Forecast
- Soybean futures rise as U.S. inventory seen plummeting 77%
- USDA boosts China corn-import estimate 37% after buying spree
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Corn futures fell from a seven-year high after the U.S. trimmed its estimate for domestic inventory less than expected following a record Chinese buying binge.
The U.S. Department of Agriculture cut its ending-stock outlook for the current season to 1.5 billion bushels from the January forecast of 1.55 billion, figures from a monthly report showed Tuesday. Analysts surveyed by Bloomberg expected an 11% drop to 1.38 billion.