Corn up on output data

09:02, January 14, 2011      

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Corn surged to an almost 30-month high after the US government cut forecasts for domestic inventories, tightening global food supplies after adverse weather slashed harvests.

Corn for March delivery advanced 1.7 percent to $6.42 a bushel, the highest price for the most-active contract on the Chicago Board of Trade since July 2008. The contract extended Wednesday's 4 percent jump and traded at $6.375 by 3:07 pm Singapore time on Thursday.

The US Department of Agriculture lowered its estimate on the US corn harvest last year, widening the global production deficit by 14 percent to 20.1 million metric tons, from 17.2 million tons in December. Stockpiles before this year's harvest from the United States will fall to 745 million bushels, the department said.

Source:China Daily
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