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Corn & Soybeans Rebound After Losses, Wheat Extends Drop

October 21, 2014 at 1:45 by Vladimir Vyun

Corn and soybeans advanced today following yesterday’s losses but bounced after the US Department of Agriculture reported that the harvest in the United States proceeds slower than in the previous season. According to the report, 31 percent of corn was gathered by the end of the last week, compared to 38 percent in the same period last year. Soybean’s harvest was at 53 percent versus 61 percent a year ago.

Futures for both corn and soybeans touched the lowest level in a week at the previous trading session. Grains dropped as analysts were speculating that dry weather should help farmers to speed up crop gathering.

Unlike other grains, wheat was not able to bounce and extended its decline at the current session.

December futures for corn advanced 0.14 percent to $3.4875 per bushel as of 1:38 GMT on CBoT today. November contract for soybeans gained 0.53 percent to $9.4925 per bushel. December wheat lost 0.05 percent to $5.1325 per bushel.

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