In its October World Supply & Demand Estimate, the Department of Agriculture slashed its 2010-2011 production forecasts for corn, wheat and soybeans, likely rekindling another wave of commodity inflation. The big shock came from a sharp 4.1-percent reduction in corn yield, from 162.5 to 155.8 bushels per acre. Corn ending stocks for 2010-2011 are now projected at 902 million bushels, down 47 percent from 2009-2010 and below the psychologically “comfortable” 1-billion ...
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