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Crop Prices Slump After ‘Big Bearish Surprise’ From U.S. Data

  • U.S. government pegs domestic corn, soy crops above forecasts
  • Crop volatility has rebounded as weather woes whipsawed prices
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U.S. corn and soybean crops will be bigger than analysts expected as yield declines in major growing regions were partially offset by gains elsewhere, the government said. Bloomberg's Alan Bjerga reports on 'Bloomberg Markets.' (Source: Bloomberg)

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The bullishness in the grain markets has been extinguished for now.

While U.S. farmers have faced challenges from both drought and downpours, the world’s largest corn and soybean producing nation is still expected to collect bigger-than-expected harvests, a government report showed Thursday. That will buoy world inventories as bumper crops along the Black Sea keep wheat supplies rising, too.