Commodity Blog

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Corn Slides from Three-Month High

October 30, 2014 at 22:21 by Vladimir Vyun

Corn slipped today on signs of waning demand for exports from the United States. The US Department of Agriculture reported that last week exports totaled 489,820 metric tons for delivery in August, less than half the previous week’s amount. Analysts speculate that global output will be higher than previously estimated, adding to downward pressure for prices.

Earlier, prices for the grain jumped, reaching the highest level in more than three months, as harvest in the USA progresses slowly. According to the USDA, farmers gathered 46 percent of crops. This is far below the five-year average of 65 percent for this time of year.

December contract for delivery of corn lost 0.33 percent to $3.7400 per bushel as of 22:14 GMT on CBoT today. Previously, prices touched $3.7940 — the highest level since July 18.

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