Corn at Three-Year High as USDA Slashes Inventory Estimates
June 9th, 2011This is pretty grim, considering that much of what Americans eat is corn, in one form or another.
Via: Bloomberg:
Corn jumped to the highest in almost three years after the U.S. Department of Agriculture forecast tighter supplies, as adverse weather hurt crops.
U.S. stockpiles before the start of the 2012 harvest may fall to 695 million bushels, the lowest since 1996, even as farmers harvest a record crop, the USDA said. World inventories are projected to drop to the lowest since 2004 next year. Prices have more than doubled in the past year as global production trailed gains in demand for livestock feed and biofuels.
