Corn prices head lower in good omen for food sellers

|By:, SA News Editor

A measure of corn inventories came in higher than expected today sending corn futures to their sharpest drop in close to a year.

The USDA says inventories were 3.854B bushels on June 1 vs. 3.723B forecast and 2.766B a year ago.

High corn prices has been a concern in the food sector (GIS, K, POST, KO, PEP, PPC, TSN, CPB, SJM) where sellers have warned on their ability to pass on the higher costs on to consumers.

USDA crop report

Related EFTs: CORN, JJG, GRU