US corn harvest estimate ‘500m bushels too big’

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Officials are overestimating the American corn harvest by more than 500m bushels (13m tonnes) – thanks largely to overoptimistic area projections, Linn Group analysts said, as the countdown begins in earnest to the next keynote US crop report. The Chicago-based broker pegged the US corn yield at 149.1 bushels per acre, below the US Department…


Evening markets: yield fears help soybeans to three-year top

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In the end, it was corn which turned up at the bottom of the Chicago pile. While soybeans recorded a small, but significant, upwards move. Wheat had, early on, looked hot favourite to prove the worst performer on what looked like being a soft day for crops, it being month end – by lore, a…


Corn price rise stokes chatter of ethanol curbs

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Markets are witnessing a jump in chatter about measures to curb use of corn in ethanol, even as Brazil cut the amount of the biofuel that blenders are required to mix into forecourt gasoline. A call by Rick Perry, a Republican presidential candidate, last week for an end to the minimum level of ethanol use…


Bunge-Syngenta clash ‘has big repercussions’

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Other companies, including Monsanto, look set to be affected by the outcome of a legal battle between Syngenta and Bunge over handling cutting-edge corn, which will create a landmark. Bryan Endres, a leading researcher in agricultural law, said that the problems raised by the case "are likely to spread into other new biotech seed varieties",…


US corn exports may have fallen to eight-year low

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Cargo data suggest that US corn exports fell to an eight-year low this season, further than agriculture officials have factored in and suggesting more of the grain left over for domestic users. However, for soybeans, inventories may prove tighter than the the US Department of Agriculture is currently banking on. US corn exports, as measured…


Corn, Soybean Rally as Adverse Weather Eroding Prospects for U.S. Harvests

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Corn rallied to an 11-week high and soybeans touched the highest price since February on speculation that dry weather during the next two weeks will erode yields in the U.S., after a July heat wave damaged plants. The next two weeks will have less rain than normal from Nebraska toIndiana, leaving about a third of…


Mosaic, Deere Rise As Corn Rally Continues

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Makers of farm equipment and fertilizers posted some of the strongest moves in Monday’s rally as corn and soybean prices added to recent gains. Corn is now up more than 30% from a July low, pegging new highs as markets brace for a weather-dented harvest. A closely watched industry report, the Pro Farmer Midwest Crop…


Early price peak for corn and soybeans?

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The 2011-12 corn and soybean marketing years will be characterized by the need to reduce consumption of both crops.  The magnitude of those needed reductions are not yet known and the prices needed to make those cuts will depend on the strength of underlying demand. Based on the most recent USDA projections and the assumption…


Corn woes spur Rabobank to lift grain price hopes

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Rabobank edged its forecast for US grain futures higher, despite warning that the elevated corn prices were driving ethanol producers towards breakeven and could drive exports to their lowest since the 1990s. The bank – in a report which slashed expectations for cotton prices – said that the lower corn harvest expectations following last month’s…


Hot Summer Erodes Corn, Soy Harvest

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The hottest summer since 1955 in Iowa and Illinois is eroding yield prospects for corn and soybean crops in the U.S., the largest grower and exporter. Signs of diminished output appeared this week during a four-day, seven-state sampling of about 2,000 fields in the Midwest organized by the Professional Farmers of America, which will report…


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