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Corn, Soybeans & Wheat Sink as USDA Predicts Record Harvest

May 10, 2013 at 22:57 by Vladimir Vyun

The US Department of Agriculture predicted a record harvest of corn, soybeans and wheat. Prices for the crops slumped as a result.

Total output of the three grains will climb 9.6 percent to 1.952 billion metric tons this year, demonstrating the biggest increase since 2004, according to the USDA. The agency predicted that global inventories will swell 13 percent to 416 million tons, the record since 2001. Supply will likely outpace consumption even as falling prices will likely boost demand.

The agricultural commodities also fell with other raw materials as the dollar advanced against other currencies. The Standard & Poor’s GSCI Index slumped as much as 1.6 percent today.

July futures for delivery of corn fell $0.1250 (1.93 percent) to close at $6.3625 per bushel on CBoT today. Contract for soybeans slid $0.0975 (0.69 percent) to $13.99 per bushel. Wheat sank as much as $0.1925 (2.66 percent) to $7.0425 per bushel.

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