Corn futures in Chicago climbed for a second day, touching a new seven-year high amid expectations the U.S. government will cut its domestic inventory outlook because of increasing demand from China. The U.S. Department of Agriculture will reduce estimates for corn and soybean stockpiles by 11 percent and 14 percent, respectively, in its monthly supply and demand report Tuesday, according to a Bloomberg survey of analysts. China, the biggest pork producer, is importing record amounts of both crops as traders focus on predictions for U.S. exports and output in South America, which has suffered from adverse weather.
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