Corn Climbs to Fresh Seven-Year High on U.S. Stockpile Outlook
- Corn, soy rise ahead of a key U.S. crop report due Tuesday
- Adverse weather in South America helps to support futures
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Corn futures in Chicago climbed for a second day, touching a new seven-year high amid expectations the U.S. government will cut its domestic inventory outlook because of increasing demand from China.
The U.S. Department of Agriculture will reduce estimates for corn and soybean stockpiles by 11% and 14%, respectively, in its monthly supply and demand report Tuesday, according to a Bloomberg survey of analysts. China, the biggest pork producer, is importing record amounts of both crops to feed its recovering hog industry.