Rising tax, corn bills cut Archer Daniels profits

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A hike in tax payments and a slump in profits from making high fructose corn syrup dragged earnings at Archer Daniels Midland down by $65m to well below Wall Street expectations. The ethanol-to-elevators giant reported earnings down 14.6% at $381m for the April-to-June period, the fourth quarter of its fiscal year, equivalent to $0.58 a…


China faces hurricane threat to corn and soy areas

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China faces the risk of severe damage from a hurricane whose trail of destruction could encompass Shanghai and major crop producing regions, lifting the country’s need for imports of crops such as corn and soybeans. Forecasters at the Korea Meteorological Administration and at US-based weather service WxRisk.com have warned that either South Korea or eastern…


Corn and Soybean consumption coming up short

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(AXcess News) Springfield, IL – Much of the corn and soybean market attention is appropriately focused on the prospective size of the 2011 U.S. crops and speculation about the USDA’s August 11 Crop Production report.  The size of these crops will obviously largely determine the magnitude of supplies available for consumption during the 2011-12 marketing…


Crops in good shape, a touch slow

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WASHINGTON, Aug. 1 (UPI) — The U.S. corn crop remains in good shape and a touch slower than 2010, the Department of Agriculture said Monday. As of the week ending Sunday, 18 percent of the crop was in the dough stage, compared to 23 percent at this time a year earlier, the department said. The…


Wheat, Corn Gain as U.S. Agrees to Debt Deal to Avoid Default

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Aug. 1 (Bloomberg) — Wheat futures advanced for the first time in three days after President Barack Obama announced that lawmakers have reached an agreement to raise the federal debt limit and avoid a default. Corn futures also increased. December-delivery wheat gained as much as 1.1 percent to $7.235 a bushel on the Chicago Board…


CBOT corn outlook: Lower on debt jitters, Midwest rainfall

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U.S. corn futures are expected to open lower Friday amid ongoing jitters about the U.S. debt crisis and rains that should help the crop in some areas. Traders predict Chicago Board of Trade futures will open 4 cents to 6 cents lower. In overnight trade, corn for September delivery was down 6 1/2 cents to…


China corn imports to jump 50%, IGC says

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SINGAPORE (Dow Jones)–The International Grains Council Friday revised upward its forecast for China’s corn imports in the year to June 30, 2012 by 50%. The increase in the forecast is significant as there has been widespread speculation in recent months that China may have purchased dozens of cargoes of U.S. corn, with the reports, helping…


Corn prices rise after hot weather damages crops

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Crop prices closed higher Tuesday after the government reported that the U.S. corn crop isn’t growing as well as previously thought because of hot weather. The U.S. Department of Agriculture released a report late Monday afternoon that showed 62 percent of the corn crop in 18 states that produce the vast majority of corn in…


Cash corn still rising as supply tightens

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For the past three weeks, grain buyers have been aggressively bidding cash corn trying to wrest what old crop farmers still have stored in bins or at elevators. In a typical marketing year, the local corn supply gets tight. But 2011 is anything from typical. Across central Iowa, elevators have been bidding well over Chicago…


Corn, Soybeans May Fall on Beneficial Weather, Dwindling Demand

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Corn and soybeans may fall for the second straight week as rain and cooler temperatures bolster crops, while a sluggish U.S. economy and rising global interest rates erode demand for grains and oilseeds. Fourteen of 27 traders and analysts surveyed from Tokyo to Chicago on July 29 forecast that corn will drop, and 15 of…


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