iNVEZZ.com Friday, July 12th: Corn futures today fell in Chicago on signs that global supplies will be ample amidst a rebound in U.S. production and weakening demand for the grain.
Stockpiles in the U.S., the world’s biggest corn producer, may be 1.959 billion bushels by the end of the 2013-14 marketing year, the U.S. Department of Agriculture (USDA) said yesterday in a long-awaited report, adding that the country may harvest a record 13.95 billion bushels of corn. The USDA’s latest stockpile estimate topped last month’s prediction of 1.949 billion bushels, as the Department of Agriculture cut its outlook for demand from livestock farmers and importers.
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