Goldman Cuts Corn, Wheat Forecasts by 26% on USDA Outlook
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Goldman Sachs Group Inc. slashed its forecast for corn and wheat prices by 26 percent after the U.S. Department of Agriculture reported higher inventories and increasing acreage. The soybean projection was reduced by 7.1 percent.
Corn and wheat will be $5.90 a bushel in three months, down from estimates of $8, Damien Courvalin and Allison Nathan, New York-based analysts at the investment bank, said today in a report. Yesterday, corn futures in Chicago tumbled the most since November and wheat had the biggest plunge since January 2009 following the USDA report.