Morgan Stanley projects 20 percent rise in corn, soybean prices in 2008

Morgan Stanley is projecting that corn and soybean prices will increase 20 percent in 2008, to $6 per bushel for corn and $18 per bushel for soybeans. The Morgan Stanley research team said “U.S. production of corn and soybeans in the near term is inadequate to meet growing ethanol and export demand. Prices will need to move considerably higher.” Corn prices rose 35 percent in the past 12 months to a record $5.795, but has dropped to $5.2475 in recent weeks.

Free Subscription to the Daily Biofuels Digest e-newsletter

Related Stories

Sugar prices to double in 18 months as Brazilian ethanol and Indian cutbacks take effect

In India, economists are projecting that India will reduce its sugar production 16 percent in 2009. With the use of sweeteners on the rise in India and China, and Brazil expected to use 57 percent of ...

USDA projects 8 percent drop in corn acres in 2008; soybeans up 18 percent, wheat to rise 6 percent

The U.S. Department of Agriculture (USDA) released 2008 report on crop plantings, projecting that US corn acreage would drop 8 percent to 86.0 million acres. Soybean production is expected to rise 18 ...

Range Fuels expands second round financing to $166 million as Morgan Stanley joins group

In Colorado, Range Fuels has expanded its second-round financing from $100 million to $166 million after Morgan Stanley joined the Series B offer. Financing will be used for construction of the compan...

Brazil expecting record soybean harvest as global corn prices fall

In Brazil, Bloomberg is reporting that Brazil is looking at a record soybean harvest after US corn prices have plunged, dampening enthusiasm for planting maize. Soybean prices have dropped 5.5 perc...

VeraSun cancels 20 million share issue, retains Morgan Stanley to explore “strategic alternatives”

In South Dakota, VeraSun Energy cancelled the 20 million share issue it announced earlier this week, and retained Morgan Stanley as advisor as it explores "strategic alternatives" the company said...

USDA projects decrease in crop planting of 8 million acres in 2009 despite elevated prices

In Illinois, experts briefing the press at the Chicago Board of trade said that soybean exports will reach record levels in 2009 based on 76 million planted acres of soybeans, compared to 85 million a...