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Market Update: Corn Plunges 6%
Chicago corn futures plunged over 6% to a one-month low of $6.1 per bushel on Tuesday, as lingering oversupply concerns triggered a massive selloff in Americas largest cash crop. The US Department of Agriculture said farmers had planted 90% of intended corn acres as of Sunday, well above the five-year average of 80%. The USDA also projected that US corn stocks would stand at 1.507 billion bushels by September 1, 2022, up from 1.257 billion bushels expected on September 1, 2021, and above market expectations. Still, Chinas requirement for US corn remains strong, helped by a surge in demand for livestock feed. [/s2If]
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