Dan Basse News
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Corn supplies in the U.S., the biggest grower, are shrinking at the fastest pace in almost four decades as improving demand from ethanol refiners drains reserves already diminished by drought.
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From South Dakota to Ohio, farmers are preparing to plant the most corn in almost eight decades after drought ruined record U.S. harvests predicted by the government.
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Wheat production in Australia, the fourth-largest shipper, may expand as crops benefit from rainfall in the country’s west and the development of the La Nina weather pattern, according to AgResource Co.
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Vegetable oil prices will be the leader to the upside starting next year, said Dan Basse, president of AgResource, at a conference in Geneva today. Latin America is increasing production of biodiesel, which is made from vegetable oils including soy oil and rapeseed oil, he said.
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Cargill Inc. Chief Executive Officer Greg Page, who runs the largest agricultural company in the U.S., has a good idea whom to blame for the global surge in food prices at the end of 2010: governments.
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European Union corn imports may be the second-highest on record this season after drought parched crops and a surge in wheat exports curbed domestic grain supply.
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Corn fell from a 14-month high and soybeans declined on speculation that the surge in prices since June was overdone.
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The worst droughts in decades are wilting wheat fields from China to the U.S. to the U.K., overwhelming Russia’s return to grain markets and driving prices to the highest levels since 2008.
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Corn and soybeans jumped to the highest prices since July 2008 and wheat rose after the government cut forecasts for U.S. inventories, signaling tighter food supply as demand increases and adverse weather hurts crops.
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The U.S. , the world’s largest wheat exporter, may experience bottlenecks on railroads and at grain elevators as shipments surge following a drought in Russia , analysts at AgResource Co. and Linn Group said.
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