Bloomberg News

Goldman Raises Corn, Soybean, Wheat Estimates on South America

February 03, 2012

Feb. 2 (Bloomberg) -- Goldman Sachs Group Inc. raised its three and six-month corn forecasts to $6.90 a bushel, from $6.30, citing lower production from South America.

The three- and 12-month soybean price rise to $12.90 a bushel from $12.15 a bushel, Damien Courvalin, an analyst at the bank in New York, said in a report dated today. A soybean shortage is forecast for 2012-13, he wrote. The wheat forecast was increased to $6.80 a bushel from $6.20 a bushel, to keep up with the corn changes, according to the report. “Relative to the current forward curves, we remain most constructive on corn prices in the near term (three months) and most constructive on soybean prices over the medium term (12 months). We remain bearish wheat prices over the medium term.”

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