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Decline of Wheat, Corn, Soybeans, Gold

August 17, 2009 at 21:03 by Vladimir Vyun

Corn and soybean harvest in the U.S can be harmed by unusually dry weather. Yield can be lowered also because of delayed planting, which are at least two weeks behind normal. Government forecast promised second-largest crop of corn and record production of soybeans disregarding impact of late planting and possibility of drought. December futures for corn delivery dropped $0.0425 (1.3 percent) to $3.2775 per bushel on August 14th on the Chicago Board of Trade. November futures for soybean delivery dropped $0.3725 (3.7 percent) to $9.815 per bushel.

Wheat, corn and soybeans falls as rebounded dollar erodes attractiveness of U.S commodity exports. Decline in prices for crude oil, leading to lower demand for fuels based on corn and soybeans, also makes prices for this commodities to drop. December futures for wheat delivery dropped $0.14 (2.7 percent) to $4.955 per bushel by 11:09 on CBoT. December futures for corn delivery slid $0.125 (3.8 percent) to $3.1525 per bushel. November futures for soybean delivery fell $0.32 (3.3 percent) to $9.495 per bushel.

Gold, and other precious metals, falls today as dollar gains, lowering metal’s attractiveness as hedge against inflation. Gold demonstrates inverse behavior and dropped lowest this month as dollar gained. December futures for gold delivery fell $17.40 (1.8 percent) to $931.30 per ounce at 12:16 on NYMEX.

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