The Rising Influence of Rising Affluence

[DewDiligence]

(DE/MON/etc)—Corn prices slump on USDA report, a turnabout (#msg-74962185) that is presumably responsible for some of the recent weakness in the prices of these stocks:

http://online.wsj.com/article/SB10001424052702304070304577396312079658398.html

In its monthly supply-and-demand report for major crops, the USDA estimated that domestic corn inventories as of Aug. 31, the end of the current marketing year, will be 851 million bushels, up 6.2% from the agency's previous forecast of 801 million bushels. None of the 19 analysts in a Dow Jones Newswires poll had expected the USDA to raise its projection.

U.S. corn production is expected to increase this year to a record 14.79 billion bushels, up from 12.36 billion bushels last year, as a fast start to the planting season [from the mild winter] could boost crop yields, the government said. Corn yields may reach a record 166 bushels an acre, the USDA said. The government's projected corn harvest would shatter the old record of 13.092 billion bushels set in 2009.