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Corn Falls with Demand, Cotton Surges by Exchanged Limit

March 23, 2011 at 1:39 by Vladimir Vyun

Corn fell on the forecast that the US farmers will increase planting this year and on the speculation that the advance of prices weakened demand. Goldman Sachs Group Inc. predicted that the US farmers will sow 92.1 million acres of corn this year. According to the US Department of Agriculture, the farmers have sown 88.2 million acres of corn last year. May delivery for corn fell $0.1 (1.5 percent) to $6.765 per bushel by 12:14 on CBoT.

Cotton jumped by the exchange limit on ICE on the speculation that rains will curb supplies from Australia. The wet weather may slow the harvest that starts this month. Prices have more than doubled in the past year as the global demand rises while the supply declines. May delivery for cotton surged by the limit of $0.07 (3.5 percent) to $2.0596 per pound as of 14:39 on ICE.

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