Corn Futures Fall in Chicago After USDA Sees Bigger Stockpiles

Corn futures for July delivery, before the harvest, fell 1.1 percent to $5.8525 a bushel at 7:35 a.m. on the Chicago Board of Trade, after the U.S. Department of Agriculture issued its June crop report, indicating that U.S. inventories will jump to a three-year high. The December contract fell 1.3 percent to $5.2725.

Prices dropped 17 percent in the 12 months through yesterday, partly on concern that USDA had predicted domestic farmers would plant the most acres since 1937.

To contact the reporter on this story: Steve Stroth in Chicago at sstroth@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net