Corn output in the U.S., the world’s largest grower, will
fall by less than analysts expected after the worst drought in more than 50
years, the government said. Prices fell to a seven-week low, The gurus at
Bloomberg told us.
Farmers will collect 10.727 billion bushels, the smallest
crop in six years and down 13 percent from 12.358 billion in 2011, the U.S.
Department of Agriculture said today in its second survey-based estimate for
the crop. Last month, the USDA forecast 10.779 billion. The average prediction
of 35 analysts surveyed by Bloomberg was for 10.420 billion. Supplies of the
grain on Aug. 31, 2013, will be greater than analyst estimates.
Crop conditions as of Sept. 9 were the worst since 1988,
with the harvest about 15 percent complete, the USDA said earlier this week.
Since mid-June, corn prices have surged 54 percent, reaching a record $8.49 a
bushel on Aug. 10 on the Chicago Board of Trade. After the USDA report, futures
for December delivery fell 1.4 percent to $7.6675 as of 7:48 a.m., after
touching $7.5925, the lowest for a most-active contract since July 24….
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