Commodities expert says corn headed for $2.50

In Washington, Commodity Information Systems president Bill Gary told Bloomberg that corn is heading for $2.50 a bushel, while soybeans are headed down towards $6.50 per bushel. Economists are pointing to falling demand from the ethanol, cattle and dairy industries. Overall, a Bloomberg survey forecast that soybean acreage would grow to 79 million next year, while corn is expected to drop to 84.7 million acres this year. Corn stockpiles, at 7.012 billion bushels, are the highest since 1988.

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