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Goldman Sachs drops corn forecast

04/01/2013 @ 10:26am

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)

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(END) Dow Jones Newswires

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

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