NEW YORK — Even a fifth consecutive year of record global corn harvests will fail to meet demand for food, fuel, and livestock feed, reducing world stockpiles to the lowest in two generations, according to U.S. Department of Agriculture estimates.
Consumption will rise 3 percent in the next marketing year, a 16th consecutive annual gain that saw demand jump 66 percent, the department said Monday. Inventory will drop to 47 days of use, the fewest since 1974.
Waterlogged fields in the United States, the largest exporter, will curb yields, Goldman Sachs Group Inc. says.
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