Roy Huckabay 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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U.S. corn and soybean harvests may be smaller than government forecasts after the hottest July since 1955 stunted Midwest crop growth already delayed by late planting, said Roy Huckabay at commodity broker Linn Group.
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Wheat will rebound after slumping the most in three weeks today as riots erupted in Egypt, the world’s biggest buyer, because other countries need to replenish stockpiles, said Roy Huckabay from the Linn Group in Chicago.
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Corn futures rebounded from a four- week low on speculation that improved profits for U.S. ethanol makers will lead to increased purchases of the grain. Soybeans were little changed.
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CME Group Inc., owner of the world’s largest grain market, is backing off an expansion of trading hours in May that left some traders complaining that 21 hours a day left them with little sleep and less liquidity.
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Cash premiums for corn and soybeans shipped this month to terminals near New Orleans declined relative to Chicago futures as farmers increased sales after prices reached 28-month highs this week.
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The first U.S. case of mad cow disease in six years may not disrupt the nation’s corn and soybean exports because global demand for crops used as livestock feed is surging, said Roy Huckabay, an executive vice president at Chicago agriculture broker Linn Group.
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What follows are opening calls for U.S. grain and oilseed markets.
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U.S. corn supplies may be smaller than expected this year, according to analysts including Morgan Stanley’s Hussein Allidina who were surprised by a government forecast for the second-highest planted acreage since 1944.
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Cash premiums for soybeans shipped to export terminals near New Orleans climbed relative to futures as the lowest prices since March boosted foreign demand for U.S. inventories. Corn premiums were little changed as farmers boosted sales.
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