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Credit Suisse Sees Corn Poised to Drop on Enlarged Supply

Corn prices are set for a “sharp drop” because of prospects for rising world supplies in the next year, Credit Suisse Group AG said.

Corn may fall to $5.50 a bushel in three months and $5 in 12 months, Credit Suisse analysts led by Tobias Merath said today in an e-mailed report. Farmers in Europe have replanted damaged winter-wheat fields with corn, and yields in the U.S. may increase because this year’s rapid planting pace will allow for an earlier harvest, the bank said. July-delivery corn traded at $5.5675 a bushel on the Chicago Board of Trade by 9:11 a.m. local time today.

“Prices would need to fall below $5 to no longer look expensive,” Credit Suisse said. “We think there is a fair likelihood that the market will settle around these levels in one year’s time.”

Soybeans may climb to $14.25 a bushel in three months and $15 in a year, Credit Suisse said. The oilseed traded at $13.675 today in Chicago. Demand is stronger for U.S. supplies after dry weather hurt crops in South America, while current prices are too low to curb Chinese consumption, the bank said.

Wheat may trade at $6.50 a bushel in three months and 12 months, Credit Suisse said. Futures were at $6.48 today. While dry weather has threatened crops in Ukraine, Russia and the U.S., inventories left over from previous harvests “remain sufficient to keep the market well supplied,” the bank said.

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