Peter Meyer News
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Three consecutive years of smaller U.S. corn harvests are driving inventories of the world’s most- consumed grain to a 39-year low and spurring Goldman Sachs Group Inc. to predict that prices will rise near record highs.
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The hottest summer since 1955 in Iowa and Illinois is eroding yield prospects for corn and soybean crops in the U.S., the largest grower and exporter.
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Corn rose the most in six weeks after the government said U.S. reserves before this year’s harvest will be the smallest since 2007.
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Corn supplies in the U.S., the world’s biggest exporter, are declining at the fastest pace since 1996 just as a Midwest heat wave damages the world’s largest harvest for a third consecutive year.
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Corn rose the most in two weeks after the government said U.S. reserves before this year’s harvest will be the smallest since 2007.
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The hottest, driest summer since 1936 in the Midwest eroded yield prospects for corn and soybean crops in the U.S. for a third year to the lowest since 2003.
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Corn surged to the highest price since September and soybeans reached a four-year high after the U.S. cut its production forecasts because of the worst drought since 1988. Wheat extended this year’s rally.
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The condition of the U.S. corn crop worsened for an eighth straight week amid the worst Midwest drought in a generation. Soybean ratings also fell.
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The U.S. cut its corn-harvest estimate 12 percent and said inventories next year will be smaller than forecast in June as the worst Midwest drought since 1988 erodes prospects for a record crop.
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IntercontinentalExchange Inc., the second-largest U.S. futures market, is adding agricultural contracts to draw trading from speculators betting on price swings linked to changes in U.S. government crop estimates.
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