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Corn Down as USDA Promises Record Harvest

September 13, 2013 at 0:44 by Vladimir Vyun

Corn futures slipped after the US Department of Agriculture released its report that promised an increase of production and stockpiles. The USDA projected that US inventories will total 1.855 billion bushels in the 2013–14 period, up from the previous estimate of 1.837 billion, while analysts have though that the projection will be revised down. It is expected that US farmers will collect a record harvest of 13.843 billion bushels.

World reserves will be at the 12-year high of 151.42 million metric tons, up from the previous forecast of 150.17 million. Global production will total 956.67 million tons, compared to 957.15 million predicted in the August.

December futures for delivery of corn declined $0.0250 (0.54 percent) to $4.6375 per bushel as of 00:39 GMT on CBoT today.

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