Dale Durchholz News
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Global farmers will harvest the biggest grain and soybean crops ever this year, boosting food reserves to the highest since 2000, the U.S. government said. Corn, wheat and oilseed futures in Chicago slumped.
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CME Group Inc., the world’s biggest agricultural futures exchange, set a condition for canceling corn and soybean shipments from most terminals along the Illinois River following flooding and a barge accident.
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The record collapse in U.S. corn exports and shrinking domestic demand are leaving more grain in silos, spurring a bear market just eight months after drought drove prices to an all-time high.
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The gap between traders’ estimates of U.S. corn reserves, the world’s second-biggest, and official figures have reached the size of Russia’s annual consumption, increasing price swings at a time of near-record food costs.
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Corn and wheat futures fell on bets that U.S. supplies may be adequate, indicating yesterday’s rally was exaggerated. Soybeans were unchanged.
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U.S. corn farmers hurt by the worst drought in a generation probably will harvest smaller crops than the government forecast this month, based an analysis of dry spells in the past 42 years.
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U.S. farmers will sow more soybeans than ever this year after rains forced them to switch away from corn, cotton and wheat, which need to be planted earlier, the Department of Agriculture said.
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U.S. soybean inventories on Dec. 1 fell to the lowest since 2003 and were smaller than analysts expected after the country’s worst drought since the 1930s damaged crops, the government said.
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Soybean futures fell the most in seven weeks after the U.S. government said bigger crops in South America will boost global inventories before the Northern Hemisphere harvests. Corn rose.
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Corn futures tumbled the most allowed by the Chicago Board of Trade after a government report showed that demand is easing for supplies from the U.S., the world’s biggest exporter. Soybeans fell from a two-week high.
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