Confidence about U.S. farmers' strong crops prompted corn futures to dive in value on Thursday as the agricultural commodity was slumping toward a bear market, according to Bloomberg.
As the globe's top grower of corn, the U.S. is likely to generate a record crop this season. The surplus would drag down the value of corn, which would join wheat futures status in the bear market. But global food expenses would be tempered though earnings of farmers would suffer the consequences.
"Grain prices have plunged and they are more than due for a bounce," states an excerpt from the newsletter of economist Dennis Gartman, according to Bloomberg. "It shall be of the proverbial 'dead cat' variety however, we fear, for the corn and soybean crops are huge and growing larger by the week."
At 10:04 a.m. on Thursday, corn futures were down 0.24 percent, a 0.01-cent slip to $4.17 per bushel. Wheat futures dropped 0.48 percent, a 0.00275-cent loss to $5.7275 per bushel.
CNN reports prosecutors are trying Chinese nationals with stealing inbred corn seed data from sites in rural regions of Iowa and Illinois.
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