Bill Gary News
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The smallest U.S. soybean harvest in nine years will leave inventories in the world’s largest exporting nation at the lowest in four decades.
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The biggest rout in soybean prices in more than two years may be ending as farmers from Iowa to Brazil fail to keep pace with record demand for cooking oil and livestock feed.
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U.S. soybean stockpiles are poised to drop to the lowest relative to consumption since at least 1965 after the worst drought in five decades decimated crops across South America, driving China to buy more from Midwest farmers.
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Corn jumped to the highest price in almost three years after the U.S. Department of Agriculture forecast tighter supplies, as adverse weather hurt crops.
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Soybean futures rose to a one-week high on increased sales of U.S. supplies to China, the world’s biggest oilseed consumer. Corn also gained.
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U.S. exporters sold 1.25 million metric tons of corn to unknown destinations, the sixth-largest daily sale of the grain, according to the U.S. Department of Agriculture. Analysts said the buyer may be China.
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Wheat stockpiles shrinking the most in four years means prices will keep rebounding from their worst slump in at least a quarter century.
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Farmers will reap a record corn crop for a sixth consecutive season in 2012, slowing a slump in stockpiles of livestock feed as global meat demand approaches a quarter of a billion metric tons.
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Corn fell the maximum allowed by the Chicago Board of Trade, wheat plunged to an eight-month low and soybeans tumbled on signs that changing weather conditions may improve crop prospects in the U.S. and Europe.
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