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Just four months ago, analysts were predicting that corn could trade above $8.50 a bushel because of strong demand from ethanol plants and hog and chicken farmers. In light of the USDA's new estimates, corn will likely hover closer to $6 a bushel, said Jason Ward, an analyst with Northstar Commodity in Minneapolis. Expensive corn prompted farmers this spring to plant the second-largest corn crop since World War II. It appears that the bigger harvest will be enough to avoid a major food shortage this year.
[Associated
Press;
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