Corn prices start to ease amid reduced demand, analysts say

04/9/2013 | Bloomberg Businessweek

The drought-induced runup in corn prices is easing, thanks to decreased domestic consumption and a bigger-than-expected slump in export sales, analysts said. Supplies of the grain will amount to 21.2 million metric tons on Aug. 31, up 32% from the Department of Agriculture's latest forecast, according to the average of analyst estimates gathered by Bloomberg. "We have enough supply until what should be a record harvest," said Roger Fray, executive vice president of grain at West Central Cooperative in Iowa.

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