Prices of last year's corn rise as competition heats up for dwindling stocks

07/10/2013 | Reuters

Industrial corn users such as Archer Daniels Midland, Bunge and Cargill are digging deeper into their pockets to purchase dwindling stocks of last year's crop, a legacy of the drought that diminished the 2012 U.S. harvest, traders said. The supply gap is expected to keep widening until August, when premiums could reach record levels, traders said. Post-harvest futures contracts, however, are trending lower because of robust harvest projections.

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