Corn Drops From 10-Month High as Rally Curbs Demand; Soy Falls - Bloomberg
Corn futures tumbled from a 10-month high on speculation that a drought-fueled rally in prices will curb demand. Soybeans fell from a four-year peak on forecasts for rains that may boost yields. Ethanol output in the U.S. fell 4.2 percent to 821,000 barrels a day last week, the lowest in almost two years, the government said today, and Valero Energy Corp. (VLO) has halted production at two distilleries. The U.S. Department of Agriculture predicted 2012 meat and poultry output will be 0.7 percent smaller than expected last month and down from last year. Corn prices through yesterday surged 42 percent since mid- June as crops withered under the worst drought since 1988.
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Wednesday, July 11, 2012
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