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Corn Closes Lower on Supply & Demand

June 15, 2013 at 1:17 by Vladimir Vyun

Corn closed lower yesterday on signs that demand for US crops eases. The US Department of Agriculture reported that US exports of corn totaled 149,460 metric tons last week. It was the lowest level since January.

At the same time, supply was rising. US output may be at 14.005 billion bushels this year. This was 30 percent more than a year ago. Global production is expected to grow by 12 percent to a record.

Goldman Sachs Group Inc. lowered its forecast for corn price to $4.75 per bushel down from the previous prediction of $5.25.

December futures for delivery of corn slipped $0.0225 (0.42 percent) to close at $5.33 per bushel on CBoT.

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