Chicago Board of Trade corn and wheat futures on Wednesday reached their highest prices since March while soybean futures surged, after the U.S. Department of Agriculture surprised traders by reporting crop inventories that were smaller than expected.
According to a report at Successful Farming, supply levels have declined after China, the world's top soybean importer, stepped up its purchases of U.S. farm goods this summer.
Corn supplies dropped by 3.024 billion bushels and soybean supplies fell by 858 million bushels during the three months ended Sept. 1, the second-biggest summer drawdowns ever for both commodities, according to the USDA's quarterly stocks report.
