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Corn & Soybeans Down After USDA Report

June 24, 2014 at 13:19 by Vladimir Vyun

Some agricultural commodities, including corn and soybeans, fell today as experts changed their view about impact of weather on crops in the United States yet again. Previously, it was thought that rains would hurt plants and delay harvest. Yet yesterday’s report from the US Department of Agriculture revealed that rainfall actually helped crops.

The USDA reported that 74 percent in good or excellent condition by the end of the last week — the best reading since 1999. As for soybeans, 72 percent of the oilseed was in the top condition — the record since 1986. It looks like the saying “rain makes grain” was right this time even though floods caused some limited damage.

December futures for delivery of corn fell $0.0250 (0.56 percent) to $4.4000 per bushel as of 13:10 GMT on CBoT today. Contract for November soybeans lost $0.1075 (0.87 percent) to $12.2300 per bushel.

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