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Corn & Soybeans Drop on Good Weather in South America

January 5, 2013 at 1:29 by Vladimir Vyun

Corn and soybeans fell on forecasts that favorable weather will lead to increasing supply from South America. That should diminish prospects for US exports.

World Weather Inc. predicted that Brazil will receive rains over the next five days, which will boost crops in the South American country. At the same time, dry weather in Argentina will allow farmers to speed up planting.

Grains were also falling together with other commodities after the Federal Reserve suggested that it may end the stimulating program this year. The Standard & Poor’s GSCI Spot Index of raw materials dropped as much as 1.2 percent.

Corn futures for delivery in March dropped $0.09 (1.31 percent) to close at $6.8025 per bushel on CBoT. March contract for soybeans slumped as much as $0.1925 (1.39 percent) to $13.6725 per bushel.

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