US corn prices up as supplies unexpectedly drop
Wheat, soybean futures also up
U.S. corn futures for December delivery rose by the 40-cent limit to $7.5625 per bushel, the most in three months, as the U.S. Department of Agriculture reported supplies at 988 million bushels as of September 1. That number puts stockpiles down 12 percent from 1.128 billion bushels during the same time in 2011 as well as short of the 1.145 billion bushels originally predicted by analysts.
Wheat and soybean futures were also up. December wheat increased 5.5 percent to $9.025 per bushel, the largest increase since June 25. Soybean futures for November delivery rose 1.9 percent to $16.01 per bushel, though the price fell 8.9 percent in September.