Corn Futures Decline as Demand Eases, U.S. Crop Rebounds
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Corn fell, capping the biggest weekly slump since April, on signs of easing global demand as farmers complete planting of a projected record crop in the U.S., the world’s top exporter. Wheat and soybeans declined.
Export sales of corn in the week ended June 6 slid to 149,460 metric tons, the lowest since January, the U.S. Department of Agriculture said yesterday. Farmers may harvest 14.005 billion bushels, 30 percent more than a year earlier, boosting global production by 12 percent to a record, the agency said on June 12. Goldman Sachs Group Inc. cut its price forecast yesterday, citing the U.S. recovery from last year’s drought.