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Corn, Soybeans & Wheat Drop After USDA Report

June 12, 2013 at 20:42 by Vladimir Vyun

The US Department of Agriculture released its estimates today, predicting increasing supply both from the United States and other regions. Corn, soybeans and wheat dropped as a result.

US output of corn may reach 14.005 billion bushels in 2013. It will more than double stockpiles. The USDA forecast that soybean production will be at the all-time high of 3.39 billion bushels. Global wheat supply will grow 6.1 percent despite the damage that last year’s drought has done to US crops.

December futures for corn slumped as much as $0.1325 (2.41 percent) to $5.3750 per bushel as of 20:37 GMT on CBoT today. Soybean contract slid $0.1275 (0.96 percent) to $13.1425 per bushel. Wheat lost $0.1375 (1.97 percent) to $5.3750 per bushel.

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