Corn Joins Crop Bear Market on Slow Demand, More Planting
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Nine months after a U.S. drought sparked a surge in global crop prices, corn has joined soybeans and wheat in a bear-market slump as demand slows and farmers prepare to boost output in 2013.
Corn futures in Chicago plunged 13 percent since the U.S. Department of Agriculture said March 28 that inventories were bigger than analysts forecast and that farmers will plant the most acres this year since 1936. Corn, soybeans and wheat, the biggest U.S. crops along with hay, have tumbled into bear markets with drops of more than 20 percent from 2012 highs.