Home / Markets / Markets Analysis / Corn market / Goldman Sachs drops corn forecast

Goldman Sachs drops corn forecast

04/01/2013 @ 10:27am

Goldman Sachs cuts its three-month US corn futures price forecast to $6.50/bushel from $7.50 after a USDA report last week showed domestic corn stockpiles much higher than widely believed. The report implies weak corn demand in the feed-and-residual category, though USDA might've also underestimated last year's corn production, Goldman says in a research note. CBOT May corn now down 40 1/4c at $6.55/bushel. "Although we expect US corn grind for ethanol to increase in coming months, [the] data and continued weak net exports imply that US 2012-13 corn ending stocks will remain at a comfortable" level, firm says. Goldman also cuts three-month soybean price forecast to $13.50/bushel from $14, and three-month CBOT wheat to $6.50/bushel from $7.80. (owen.fletcher@dowjones.com)

Call us at (212) 416-2181 or john.shipman@dowjones.com

(END) Dow Jones Newswires

April 01, 2013 11:22 ET (15:22 GMT)

DJ MARKET TALK: Goldman Sachs Cuts Corn Price Forecast->copyright

CancelPost Comment

More Pig Losses Seen, Smithfield Says By: 05/14/2014 @ 7:55am The swine industry is struggling to contain a deadly virus that's sweeping U.S. hog farms…

Senators Turn Up Heat on Railroad Companies By: 05/13/2014 @ 11:39am Four Midwestern U.S. senators add their voices to a growing chorus of farmers, ethanol producers…

Summary of Friday's WASDE Report By: 05/09/2014 @ 2:53pm The following table is provided as a service to Wall Street Journal subscribers in conjunction…

This container should display a .swf file. If not, you may need to upgrade your Flash player.
Ageless Iron TV: Tractors at War