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Corn Falls, Soybeans Rise After USDA Report

November 18, 2014 at 13:48 by Vladimir Vyun

Corn rose today following the earlier decline, which was a result of the report that the record harvest was near completion. The US Department of Agriculture reported yesterday that US farmers gathered 89 percent of planted crops. This is compared to the previous week’s figure of 80 percent and the five-year average of 88 percent for this time of the year. The agency expected record output of 14.407 billion bushels for the current harvesting season.

Meanwhile, futures for soybeans rallied. The USDA reported that US supplies inspected for export climbed 25 percent to a record 3.113 million metric tons last week. Additionally, the amount of crops harvested was below the five-year average. This year’s yield is still expected to be at a record 3.958 billion bushels.

March futures for delivery of corn advanced 0.06 percent to $3.9075 per bushel as of 13:38 GMT on CBoT today. Prices were down 0.13 percent earlier during the current trading session and sank 1.11 percent to settle at $3.7740 yesterday. January futures for soybeans edged up 0.36 percent to $10.4000 per bushel.

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