Morgan Stanley ‘bullish’ on corn prices
US officials provided a “sanity check” in raising their estimate for domestic supplies by less than markets had expected, Morgan Stanley said, as investors forecast – for now – an end to corn price falls. Morgan Stanley pegged corn, with palladium, as its best bet among commodities, saying that investors were “continuing to underestimate the potential for a rebound in US demand”, as highlighted by US Department of Agriculture data on Friday. The USDA, in its much-watched Wasde crop report, raised its forecast for world corn stocks at the close of 2013-14 to 1.887bn bushels – an upgrade of 32m … Continue reading Morgan Stanley ‘bullish’ on corn prices