Agri­cul­tural fu­tures

The Star Early Edition - - MARKETS -

THE IN­TER­NA­TIONAL Grains Coun­cil (IGC) lifted its es­ti­mate for global maize pro­duc­tion for a sev­enth month, pre­dict­ing a near-record crop.

Farm­ers would gather 982.3 mil­lion tons of maize in the 2014/15 sea­son – 2.6 mil­lion tons more than fore­cast last month as har­vests in the north- ern hemi­sphere de­liver aboveav­er­age yields, the Lon­don­based IGC said yes­ter­day. That com­pares to record out­put of 984.3 mil­lion tons in 2013/14.

An abun­dance of grain has driven down prices lately, with maize and soya bean prices reach­ing a five-year low in Septem­ber. – Bloomberg

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