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.
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