The American Empire in a Changing World


Tuesday, August 21, 2012

''Glencore Sees ‘Unprecedented’ Situation in Grain in 2nd Half''

From Bloomberg

''Glencore International Plc (GLEN) said the situation in grains and oilseeds in the second half of the year will be “unprecedented” as drought slashes U.S. crops, while a ban on Russian exports is unlikely at the moment.

Corn production in the U.S. may come to 260 million to 265 million metric tons amid drought that is comparable to the Dust Bowl years of the 1930s, Chris Mahoney, director for agricultural products, said on a conference call today. The U.S. Department of Agriculture estimates the corn crop at 273.8 million tons and exports at 33 million tons. It’s “debatable” whether U.S. exports will meet the USDA target, Mahoney said.''

read more 

No comments:

Post a Comment