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.
Corn and wheat futures fell on bets that U.S. supplies may be adequate, indicating yesterday’s rally was exaggerated. Soybeans were unchanged.
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.
"U.S. and world production is larger than expected and that implies comfortable soybean supplies heading into the 2015 growing season."
- Dale Durchholz on Jan 12, 2015