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Corn bets turn bearish as rain revives U.S. crops: Commodities

Posted on 12 July 2013

U.S. corn production is rebounding the most in two decades as farms recover from last year’s drought-plagued harvest. Hedge funds are bearish on prices for the first time since 2010. Output this year will jump 29 percent to a record 13.95 billion bushels (355.2 million metric tons), the biggest increase since 1994, the U.S. Department of Agriculture said today in a report.
That will add enough grain to supply the 28-nation European Union and Japan for a year and more than double U.S. inventories before the harvest in 2014. Futures will drop 9.4 percent to $4.75 a bushel in three months, the lowest since October 2010, Goldman Sachs Group Inc. estimates………………………………………..Full Article: Source


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