The US government has painted a bearish outlook for the prices of corn, wheat and soyabean, projecting that the country’s farm production in 2013 will bounce back sharply from the devastation of last year’s drought, bringing relief to consumers worldwide.
Similarly optimistic forecasts a year ago by Joseph Glauber, chief economist at the US Department of Agriculture, were dashed by droughts that led to stunted harvests and record prices.
Mr Glauber said in yesterday’s crop outlook that corn prices could fall by a third, while soya could decline by more than a quarter, if a return to milder weather allowed higher yields.
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