Economics
Crop Surge Drives U.S. Exports as Obama Channels Iowa
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Record U.S. agricultural exports are providing an unexpected boost to President Barack Obama’s target of doubling overseas sales by 2015 and driving earnings for Agco Corp., CF Industries Holdings Inc. and Cargill Inc.
The 66 percent gain in corn prices from June lows and as much as doubling in wheat are leading a jump in U.S. farm revenue that JPMorgan Chase & Co. expects will increase demand for Deere & Co.’s tractors and Mosaic Co.’s fertilizer. Farm exports from the U.S., the world’s largest grain shipper, may top the 2008 record of $115.3 billion in 2011, said Joe Glauber, chief economist at the U.S. Department of Agriculture.