Global farmers will harvest the biggest grain and soybean crops ever this year, boosting food reserves to the highest since 2000, the U.S. government said. Corn, wheat and oilseed futures in Chicago slumped.
CME Group Inc., the world’s biggest agricultural futures exchange, set a condition for canceling corn and soybean shipments from most terminals along the Illinois River following flooding and a barge accident.
The gap between traders’ estimates of U.S. corn reserves, the world’s second-biggest, and official figures have reached the size of Russia’s annual consumption, increasing price swings at a time of near-record food costs.
Corn futures tumbled the most allowed by the Chicago Board of Trade after a government report showed that demand is easing for supplies from the U.S., the world’s biggest exporter. Soybeans fell from a two-week high.