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Corn Drops on Outlook for Supply & Demand, Rubber Gains

January 29, 2014 at 11:15 by Vladimir Vyun

Corn declined today on a prediction that favorable weather in the United States will boost harvest, while demand from China may fall. Cold dry weather was helping US farmers with planting, while now forecasters promise rains and warmer temperatures, which should help growth of crops. Meanwhile, China has rejected 601,000 metric tons of unapproved, genetically modified corn and US exporters are reluctant to sell the grain to the Asian country on concern that it would be rejected again. March futures for delivery of corn fell $0.0125 (0.29 percent) to $4.3075 per bushel as of 11:03 GMT on CBoT today.

Prices for rubber rose today with help of weaker yen. The Japanese currency was falling against the US dollar on speculations that the Federal Reserve will reduce its monetary stimulus. Central banks in some other countries have already performed monetary tightening, improving the market sentiment. The yen is considered to be a safe asset, therefore the positive mood is detrimental to the currency. July futures for rubber were up ¥0.1 (0.04 percent) to ¥231.6 per kilogram on TOCOM today.

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