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Corn, Soybeans & Wheat Retreat of Favorable Weather Forecast

July 25, 2013 at 2:14 by Vladimir Vyun

Corn fell today on forecasts of favorable weather in the United States. Soybeans and wheat followed. Forecasters predict rains and warm (but not hot) weather in the main US growing regions next week. Such conditions are perfect for crops and should result in bigger harvest. Consequently, prices were down on expectations of higher yield.

Of course, the general negative market sentiment contributed to the decline too. Commodities in general were on the defensive as traders were concerned about global economic slowdown. Grains did not escape the overall drop of prices for raw materials.

December futures for delivery of corn slumped as much as 1.1 percent to close at $4.8025 per bushel on CBoT yesterday and stayed at this level today. November soybeans declined $0.0375 (0.3 percent) to $12.53 per bushel today, while September contract for wheat lost $0.0025 (0.04 percent) to $6.53 per bushel.

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