Corn inventories in the U.S. will gain more than the government forecast last month as lower feed use and exports offset a smaller harvest of the rain-drenched crop.
Corn fell, heading for the biggest weekly slump since April, on signs of slowing global demand as farmers complete planting of a record crop in the U.S.
Monsanto raised its full-year earnings forecast and posted fiscal second-quarter profit that beat analysts’ estimates as U.S. farmers bought more corn seed.
Corn rose for a third session as a government report showed U.S. inventories will remain at a 17-year low on increasing use of the grain in livestock feed.
The Trump administration on Tuesday advanced a plan meant to expand the U.S. market for corn-based ethanol and place trading restrictions on credits that refiners use to prove they are using biofuel.
Brazil’s production of corn-based ethanol is set to exceed the 1-billion liter mark for the first time ever. That’s still just a small fraction of the South American nation’s 31-billion liter biofuel market,
