Corn to Average $7.85, Soybeans at $16 – Morgan Stanley

July 19, 2012 9:42 AM EDT
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Morgan Stanley today raised their 2012/13 price forecast on corn and soybeans. Drought conditions in the U.S. have reduced prospects for crop yields. As a result, they see corn averaging $7.85 a bushel in the 2012-13 season, up from an earlier estimate of $5.75. Soybeans will be $16 a bushel, up from $12.70 previously, according to Hussein Allidina, an analyst at the bank.

Teucrium Corn (NYSE: CORN) is higher by 29 percent in the past month.

Teucrium Soybean (NYSE: SOYB) is higher by 13 percent over the same period.

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