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Corn & Soybeans Boosted by Falling Dollar

October 29, 2009 at 21:20 by Vladimir Vyun

Corn gained and soybeans rose after the demand for raw materials and food was boosted by a weakening dollar. The greenback slid 0.8 percent against the euro. The reports signal that the economy is doing rather well, having positive influence on the grain demand.

The end-users are worried that wet weather may diminish yields and the quality of U.S. crops. Fields from Louisiana to Ohio should be mostly dry for about two weeks, while some fields from Arkansas to Illinois have received record rainfall this month. Farmers have some concerns about the harvest delays cutting yields and quality.

December futures for corn delivery gained $0.0825 (2.2 percent) to $3.7725 per bushel by 10:31 on the Chicago Board of Trade. January futures for soybean delivery rose $0.1225 (1.3 percent) to $9.8275 per bushel.

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