Drew Lerner News
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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.
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Rainfall is set to return to sugar- cane growing areas of Brazil, the world’s largest producer, in the second half of October, according to World Weather Inc.
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The condition of the U.S. winter- wheat crop improved last week after rain fell in growing areas in the Midwest. The cotton harvest neared completion.
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Cocoa growing areas in Ivory Coast and Ghana, the world’s largest producers, will get improved rainfall in the next two weeks, according to World Weather Inc.
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U.S. rainfall this summer probably won’t be enough to restore soil moisture in corn, soybean and wheat-growing areas after a drought last year that was the worst since the 1930s, according to Drew Lerner, the president of World Weather Inc.
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The Standard & Poor’s GSCI Spot Index of 24 raw materials slipped 1.3 percent to 670.13 in New York, the lowest level since Sept. 5. Cocoa, sugar and natural gas were among the largest decliners.
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Wheat gained for a second day after government data showed demand increased for supplies from the U.S., the world’s biggest shipper.
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Corn bulls are retreating after the U.S. government said that the worst drought since 1956 will damage the crop less than analysts had expected and on speculation that near-record prices will curb demand.
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Less than a year after the worst drought in a generation destroyed one-third of Russia’s wheat crop and sent global food prices surging, more bad weather is damaging fields from North America to Europe to Asia.
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The U.S. winter-wheat crop deteriorated as extended dry weather slows plant development in the Great Plains. Corn and soybean harvests were nearing completion.
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