USDA Lowers Price Forecast for Corn, Wheat

With its January 12 World Ag Supply and Demand Estimate report, USDA dropped its average price forecast for corn and wheat for the 2011-12 crop-marketing year, but maintained its price levels for soybeans. 

The ag agency said, “Prices received by producers to date have remained well below prevailing cash bids limiting the upward potential for the season-average farm price.”

At the same time, the agency lowered its corn ending stocks by 2 million bushels to…

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