Deere Elevates Corn And Soybeans Prices Forecasts For Current Season 13-Feb-2014

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Deere & Co, the global farm equipment giant has nudged higher expectations for corn and soybean prices for 2013-14, but cut hopes for soybean values next season by $0.50 a bushel to $10.50 a bushel. That is a level last seen in a front Chicago futures contract since October 2010. Deere ditched expectations of a surge in global corn prices in 2014-15, expecting them to drop $0.20 a bushel to a season average of $4.25 a bushel. Deere pegged US corn sowings this year at 91.5m acres, down 3.9m acres year on year – its fifth largest area since World War II.