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.
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