http://www.bloomberg.com/news/2014-07-06/corn-avalanche-coming-as-rain-trumps-u-s-planting-slide.html
The 8-foot (2.4-meter) corn stalks on Bill Long’s farm in southern Illinois are so big, green and healthy that he wishes he’d sold more of it sooner.
Like many growers across the Midwest, Long expects a second straight record crop that will boost domestic stockpiles already at a four-year high. Output in the U.S. will jump 2.8 percent to 14.314 billion bushels, the most ever, researcher The Linn Group Inc. estimated in a July 1 report. Even after fewer acres were planted, the wettest June on record left fields in the best condition since 2003 and sent prices into a bear market two months before the harvest starts.
“There is a wall of grain coming at us,” said Roy Huckabay, an executive vice president at Linn Group in Chicago, said in a telephone interview July 2.
Two years removed from a devastating drought that damaged crops and sent prices surging, farmers will see yields rise 4.1 percent to an all-time high of 165.3 bushels an acre, government data show. Rising grain output in the U.S., the world’s largest producer, is keeping global food prices in check while boosting profit for meat producers including Tyson Foods Inc. and makers of sweeteners and ethanol including Archer-Daniels-Midland Co. (ADM).
Output of corn in the U.S. will jump 2.8 percent to 14.314 billion bushels, the most ever, researcher The Linn Group Inc. estimated in a July 1 report. Close
Futures have tumbled 20 percent since the end of April, slipping into a bear market on July 3 to $4.1525 on the Chicago Board of Trade, after touching $4.145, the lowest since Jan. 10. The Bloomberg Commodity Index of 22 raw materials dropped 2.6 percent over the same period, while the MSCI World Index of equities advanced 4.7 percent. The Bloomberg Treasury index gained 0.3 percent.
The 8-foot (2.4-meter) corn stalks on Bill Long’s farm in southern Illinois are so big, green and healthy that he wishes he’d sold more of it sooner.
Like many growers across the Midwest, Long expects a second straight record crop that will boost domestic stockpiles already at a four-year high. Output in the U.S. will jump 2.8 percent to 14.314 billion bushels, the most ever, researcher The Linn Group Inc. estimated in a July 1 report. Even after fewer acres were planted, the wettest June on record left fields in the best condition since 2003 and sent prices into a bear market two months before the harvest starts.
“There is a wall of grain coming at us,” said Roy Huckabay, an executive vice president at Linn Group in Chicago, said in a telephone interview July 2.
Two years removed from a devastating drought that damaged crops and sent prices surging, farmers will see yields rise 4.1 percent to an all-time high of 165.3 bushels an acre, government data show. Rising grain output in the U.S., the world’s largest producer, is keeping global food prices in check while boosting profit for meat producers including Tyson Foods Inc. and makers of sweeteners and ethanol including Archer-Daniels-Midland Co. (ADM).
Output of corn in the U.S. will jump 2.8 percent to 14.314 billion bushels, the most ever, researcher The Linn Group Inc. estimated in a July 1 report. Close
Futures have tumbled 20 percent since the end of April, slipping into a bear market on July 3 to $4.1525 on the Chicago Board of Trade, after touching $4.145, the lowest since Jan. 10. The Bloomberg Commodity Index of 22 raw materials dropped 2.6 percent over the same period, while the MSCI World Index of equities advanced 4.7 percent. The Bloomberg Treasury index gained 0.3 percent.
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