From Agrimoney:
See also, May 28:Deutsche Bank recommended short bets on soybeans as it slashed its estimate for prices of the oilseed, citing the prospect of large Brazilian sowings, cutting forecasts too for corn, and for wheat futures in 2014.The investment bank, which has long voiced bearish comment on corn futures, last month warning of the potential for a drop below $4 a bushel, confirmed its stance by cutting up to $0.80 a bushel from its price forecasts.The estimates reflected expectations of a decent US harvest, with "soil moisture levels far more adequate as we enter the crucial month of July", while demand from the US livestock sector suffers hits from higher chick exports to Mexico and the outbreak of porcine epidemic diarrhoea virus in US hogs."We expect this outbreak to be a larger factor in the fall when piglets that are currently dying from the disease would be coming to slaughter," Deutsche analyst Christina McGlone-Hahn said."All in all, we see downside to December corn towards $4.60 a bushel, but we expect demand from China to support corn in the $4.50-a-bushel range."'Intense competition'However, Deutsche saved its trading recommendation for bearish bets on soybean futures, for which it slashed its price forecasts by up to $1.82 a bushel, caution over the potential for Chicago futures to fall below $10 a bushel early next year for the first time since 2010....MORE
Corn: Deutsche sees potential for price below $4
