Dec. 12 (Bloomberg) -- Corn prices face a “downside risk” after the U.S. government boosted global estimates for crop production, Goldman Sachs Group Inc. said today in a report.
The bank left its price forecasts unchanged. Final U.S. corn yields, domestic demand for livestock feed, “the potential return of La Nina in South America and the pace of Chinese imports” will determine prices, Goldman said.
The bank’s three-month corn forecast is $6.85 a bushel. Futures for March delivery fell 1.1 percent to $5.875 at 7:14 a.m. on the Chicago Board of Trade.
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