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Corn Declines on Weather Forecast, Copper Falls with Demand

June 3, 2010 at 20:23 by Vladimir Vyun

Corn slipped on speculation that a favorable weather will boost the harvest. Forecasts promise warm and wet weather, which will make perfect conditions for the plants. U.S. farmers planted corn at a near-record pace, and as a result U.S. corn stockpiles may reach the highest level in five years before the 2011 harvest. July futures for corn delivery subtracted $0.005 (0.1 percent) to $3.48 per bushel by 11:13 a.m. on the Chicago Board of Trade.

Copper prices dropped to the weekly low on the dollar’s rally and speculation that China’s measures to rein its economic growth may curb demand for the metal. China is the biggest consumer of the industrial metal and its plans to cool the economy may bring volatility to copper market. The dollar gained for the fifth consecutive day versus the basket of six major currencies. July futures for copper delivery slid $0.099 (3.3 percent) to $2.9415 per pound as of 11:24 on COMEX.

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