U.S. Corn Supply Grows, Sales Fall Most Since 1975

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Sept. 27 (Bloomberg) -- Bloomberg's Julie Hyman and Terry Roggensack, founding principal at The Hightower Report, put futures in focus with a look at the market for corn in "On The Markets." They speak on Bloomberg Television's "In The Loop."

At the cme.

We have seen pretty much a collapse in the price of corn.

Do we see any kind of change on the horizon for the direction?

I think short-term you're going to see some additional pressure in the corn market, maybe down to the $4.22 level for the december contract rate we are on the most oversold condition we have ever seen, with large and small speculators piling on the short side for the market.

The downside seems somewhat limited, but there are reports coming out of the fields from farmers continuing to show much above expectations on the yield coming out.

We are looking at potential for a record-sized corn crop in the u.s., big jump in stocks in the u.s., and for a jump to a 12- year high in the world corn.

Sounds like there is no reason to be anything but short corn.

The speculators have a huge net short position and the signals out of china show that they are going to be a very large importer of agricultural markets as we look forward.

Longer-term, i don't think the downside predictions of corn prices going under four dollars or anything like that is probably not going to happen because china is going to be an aggressive buyer of cornkeep in mind, china built up a year-and-a-half supply of cotton.

I am sorry, we've got to go.

Talking about a little bit of a floor underneath corn.

We will be back on the market in 30 minutes.

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