Replies to post #8752 on The Rising Influence of Rising Affluence

[DewDiligence]

The price of corn may finally have bottomed:

http://www.wsj.com/articles/usda-lowers-estimate-for-corn-stockpiles-1426003934

Corn prices shed declines—and briefly moved higher—after the U.S. Agriculture Department estimated that corn stockpiles before the next harvest would total 1.777 billion bushels. That was down from its estimate in February of 1.827 billion bushels and below analyst forecasts for 1.822 billion bushels, reflecting in part expectations for healthier demand for the grain from livestock producers and overseas grain buyers.

[DewDiligence]

Corn, soybean prices fall on USDA production forecasts:

http://www.wsj.com/articles/corn-soybean-prices-drop-as-usda-boosts-supply-outlook-1439403298

Corn futures sank more than 5%, the biggest one-day percentage decline in nearly two years, while soybeans slid 6% and wheat dropped 3%.

The U.S. Department of Agriculture estimated that U.S. corn production would total 13.7 billion bushels on yields of 168.8 bushels an acre. The forecasts are the first of the growing season to be based on surveys of farmers and field observations, and they sharply exceeded analyst estimates of about 13.3 billion bushels on yields of 164.4 bushels an acre.

The projected corn crop would be the third largest in the U.S. after the record harvests of the past two years.

…The USDA estimated soybean production at 3.9 billion bushels on yields of 46.9 bushels an acre. Analysts had expected production to total 3.7 billion bushels on yields of 44.6 bushels an acre.

The last three seasons (including this one) have had great crop-growing weather in the US heartland.