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Corn & Wheat Falls as Importers Refuse to Buy at High Prices

September 24, 2010 at 0:51 by Vladimir Vyun

Previous rally of corn and wheat prices caused importers to shun US supplies. They simply don’t want to buy at such costs, as a result the prices dropped today.

Before this week corn prices surged 37 percent since the end of June, causing exports for delivery in a year started September 1st to decline 3.8 percent to 561,812 metric tons in the week ended September 16th from a week before. Wheat prices touched $5.2375 per bushel on September 20th, the highest level since September 30th 2008. December futures for corn delivery slipped $0.0575 (1.1 percent) to $4.9925 per bushel as of 13:15 on the CBoT.

Egypt buyers canceled purchases totaling 220,000 metric tons of wheat, while other buyers declined an additional 275,000 tons. Wheat climbed 29 percent this year. December futures for wheat delivery went down $0.225 (3.1 percent) to $6.9725 per bushel by 13:15 on CBoT.

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