In its latest, and last reports of the year, USDA lowered its price expectations for many commodities. Gary Crawford has more:
"Market prices for most crops these days are lower than first expected. And in their latest forecasts, agriculture department analysts are dropping their expectations for prices on just about every major crop except rice and cotton. First wheat: world production higher than expected; record high. US export prospects lower than expected; result a slight drop in the US wheat price forecast, about a nickle a bushel to $7.30.
Same scenario for corn production prospects globally up; subtracting .30 from the price forecast
The report itself was fairly quiet, with the exception of cotton where production numbers were lowered due mainly to the drought in the Texas Plains. USDA Chief Economist Joe Glauber has details, along with Susan Carter:
"Cotton back down almost percent
Corn use for ethanol will continue to be a big player in the price of corn in 2012.