Corn Prices Set to Drop as South American Farmers Boost Planting
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Corn prices may decline as farmers around the world increase acres to meet import demand after the worst U.S. drought in half a century cut supply from the largest grower, the U.S. Grains Council said.
“It will take one year, but it could decline from here if they see Brazil having a big crop this winter and in Argentina if they have good weather,” Julius Schaaf, an Iowa-based vice-chairman of the council, said in an interview. “Then you’ll see the market slowly descend into next fall.”