Goldman Sachs raises price forecasts for grains and soybeans as near-term supply outlook tightens. Raises three-, six-month corn forecast to $6.90 from $6.30. That will lift wheat, firm says, making new three- and six-month forecasts of $6.80, up from $6.20. Twelve-month forecasts for corn and wheat unchanged at $5.25 and $5.75, respectively. Soybeans have the most upside in medium term, firm says, as disappointing US acreage and increased exports in the face of poor South America crop cause supplies to dwindle. Goldman increases soy price forecast for three, six and 12 months to $12.90, up from $12.15. (ian.berry@dowjones.com)

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(END) Dow Jones Newswires

February 02, 2012 11:25 ET (16:25 GMT)