COMMODITIES CO R N Smaller harvest

The international price of corn rose over 1% last week but it is still hovering around multiyear lows because of the record 2014 US harvest. This year farmers are expected to plant less corn owing to the depressed prices. The prediction is for 88m acres of corn to be planted, a 3% decline from the 2014 planting season. This did not translate into any benefit for local producers as prices of both white and yellow maize dropped by more than 3,5% last week.