Citigroup Raises Estimates for Corn, Wheat, Soybeans (CORN) (WEAT) (SOYB)
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Citigroup raised its estimate on corn, wheat, and soybeans today. Analysts boosted their third- quarter forecast for corn to $7.30 a bushel after a U.S. drought eroded crop prospects. The fourth-quarter projection was raised to $7.10, and the 2012 estimate was increased to $6.75. Analysts at the bank warned of a price-spike potential above $8 as a Midwestern drought hampering the U.S. outlook further.
The 2012 wheat forecast was increased to $7 a bushel, and the full-year projection for soybeans was raised to $14.43 a bushel from $13.69.
Related ETFs Include: Teucrium Corn (NYSE: CORN), Teucrium Wheat (NYSE: WEAT) and Teucrium Soybean (NYSE: SOYB).
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The 2012 wheat forecast was increased to $7 a bushel, and the full-year projection for soybeans was raised to $14.43 a bushel from $13.69.
Related ETFs Include: Teucrium Corn (NYSE: CORN), Teucrium Wheat (NYSE: WEAT) and Teucrium Soybean (NYSE: SOYB).
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