Spring has arrived, and with it come the wild swings in corn prices that occur along with preplanting supply “guestimates.” In April’s “Grain Stocks” report, the Agriculture Department said that corn, wheat and soybean stocks were all larger than expected. U.S. corn inventories at 5.4 billion bushels are down 600 million bushels from a year ago but are well above pre-report expectations, which were in the 5-billion-bushel range. Separately, in its ...

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