Corn prices climbed Thursday, set to mark their highest settlement since late August after the U.S. Department of Agriculture forecast a significant drop in global supplies of corn. The USDA confirmed that “global corn supplies will fall almost 20% from last year, said Sal Gilbertie, president and chief investment officer at Teucrium Trading. Global corn was expected to decline by 19.6% to ending stocks of 159.35 metric tons for the 2018/2019 crop year. “Coupled with President Donald Trump’s proposal of only two days ago to raise the ethanol blend in U.S. gasoline” from 10% to 15%, that market sees caution flags “about the size of corn supply surpluses in the future,” he said. December corn CZ8, +1.72% rose 6 3/4 cents, or 1.9%, to $3.69 1/2 a bushel in Chicago.
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