Corn Prices Fall As Farmers Prepare To Plant
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Corn, the worst-performing commodity during the past month, is in a bear market that may persist as American farmers prepare to plant their biggest crop since World War II, according to Barclays Capital.
Corn fell 2.4% to $3.4625 a bushel for May delivery on the Chicago Board of Trade, down 23% from a 10-year high of $4.5025 on February 26. A decline of 20% traditionally marks a so-called bear market.
“There’s no other way to describe it,” a technical analyst at Barclays Capital in London, who uses price charts to predict where markets are heading, Philip Roberts, said.
Corn had soared 81% in 2006 as global demand for ethanol, animal feed, and sweeteners exceeded production for the sixth time in seven years, eroding inventories.
