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Corn to Soybean Price Forecasts Cut by Morgan Stanley on Supply

Morgan Stanley reduced its price forecasts for corn, soybeans and wheat because global surpluses are larger than expected and said rates will probably fall to a level that may curb supplies in high-cost producers like Brazil.

The bank cut its estimate for corn to $3.90 a bushel in 2014-2015 from $4.35 in October and for soybeans to $9 a bushel from $10.10, according to analysts Bennett Meier and Lee Jackson. Wheat was lowered to $5.40 a bushel from $5.75. The latest forecasts were issued in a report dated yesterday.