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Declines of Corn, Oil, Soybeans & Wheat

November 13, 2010 at 4:32 by Vladimir Vyun

Wheat declined as rainy weather in the US Great Plains improved the outlook for winter crops. Parts of wheat-growing states received 25 percent of normal precipitation in the last month. March futures for wheat delivery fell $0.345 (4.6 percent) to $7.095 per bushel as of 13:15 on CBoT.

Corn, soybeans and oil dropped on speculation that China may increase interest rates to cool its economy. China’s consumer prices rose 4.4 percent in October from a year earlier, the fastest growth since 2008. Rapidly growing prices cause concern about possible asset bubble, prompting Chinese government to take steps in order to slow rapidly growing economy. March futures for corn delivery slipped $0.3 (5.2 percent) to $5.48 a bushel by 13:15 on CBoT. January futures for soybean delivery dropped $0.7 (5.2 percent) to $12.69 per bushel. December delivery for crude oil went down $2.93 to $84.88 per barrel on NYMEX.

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