Login  /  Register  | 3 premium articles left before you must register.

Corn slumps, drought-driven rally dries up

Published April 04. 2013 4:00AM

Chicago - Nine months after a U.S. drought sparked a surge in global crop prices, corn has joined soybeans and wheat in a bear-market slump as demand slows and farmers prepare to boost output in 2013.

Corn futures in Chicago plunged 13 percent since the U.S. Department of Agriculture said March 28 that inventories were bigger than analysts forecast and that farmers will plant the most acres this year since 1936. Corn, soybeans and wheat, the biggest U.S. crops along with hay, have tumbled into bear markets with drops of more than 20 percent from 2012 highs.

Exports of corn from the United States, the world's largest grower, are at a 41-year low, while high grain costs last year forced beef producers including Cargill Inc. to close plants and ethanol makers such as Valero Energy Corp. to shutter distilleries. South American farmers are adding to supply with record harvests, and global food prices tracked by the United Nations dropped for five straight months through February.

News by Town

Most Recent Poll
New data from the Centers for Disease Control and Prevention indicate that one in five boys and 11 percent of all schoolchildren are diagnosed with Attention Deficit Hyperactivity Disorder. Most take medication for it. What do you think of the epidemic?
I think the number of kids with ADHD has gone up because of better diagnoses.
Kids wouldn't need medication if they had more structure at home and more time to blow off steam outdoors.
Society should look at possible causes of the behaviors rather than just giving pills to kids.
I bet a lot of these kids don't have ADHD. They are just badly behaved and have weak parents.
Increased treatment is good; we should give kids all the help they need to thrive without judging them or their parents.
Number of votes: 904

No current items found