Feb. 15 (Bloomberg) -- Deere & Co., the world’s largest maker of agriculture equipment, forecast lower prices for corn, wheat and soybeans during the 2012-2013 marketing year.
Corn will drop to $5.30 a bushel on average in the year that starts Sept. 1, after the U.S. harvest, compared with $6.40 a year earlier, Moline, Illinois-based Deere said today in an earnings presentation. The estimate was unchanged from a forecast Nov. 23.
Wheat will drop to $6.70 a bushel from $7.40 a year earlier, Deere said. The 2012-2013 forecast was up from $6.60 estimated in November. Soybeans will average $10.50 a bushel, down from $13 a year earlier and a November forecast of $11.25, the company said. Cotton will fall to 75 cents a pound from 88 cents a year earlier, it said.
To contact the editor responsible for this story: Steve Stroth at firstname.lastname@example.org