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Concerns About Waning Demand for US Exports Hurt Corn & Soybeans

April 22, 2013 at 11:04 by Vladimir Vyun

Corn dropped today on concerns that demand for US exports will wane. An outbreak of bird flu in China led to 20 deaths, causing worries that nation’s imports will decline. The US Department of Agriculture predicted that demand for the grain from US trading partners, including China, will decline 11 percent to 11.14 billion bushels this year.

Most other agricultural commodities, including soybeans, were also under pressure. Traders were cautious at the start of this trading week. The sentiment was not completely bad, but was not very supportive for commodities either.

July futures for corn dropped as much as $0.0675 (1.07 percent) to $6.2625 per bushel as of 10:51 GMT on CBoT today. Contract for delivery of soybeans declined $0.0925 (0.67 percent) to $13.7325 per bushel.

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