By Gregory Meyer in New York
The US has confirmed that grain consumers are recoiling in the face of soaring prices, suggesting a blistering rally in food commodities may start to level off.
Livestock and poultry farmers cut feed corn consumption by 8 per cent to 4.4bn bushels in the crop year ended August 31, the US Department of Agriculture said in a monthly estimate on Wednesday. The sum was 150m bushels less than its previous estimate.
Prices of corn and soyabeans, the main…