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Demand for US Grains Wanes, Corn & Soybeans Suffer

December 10, 2012 at 19:32 by Vladimir Vyun

Corn fell today on signs that demand for US crops is waning. Soybeans also dropped. According to the US Department of Agriculture report, sales of corn committed for delivery due August 31 totaled 12.229 million metric tons as of November 29, down 46 percent from a year ago. Expectations of favorable weather in South America also hurt prices for US grains.

According to the Commitments of Traders, hedge funds’ long positions for soybeans were falling, while short positions were rising, signaling about declining demand. At the same time, speculative long contracts for corn were rising, suggesting that prices for the crop may yet increase.

March futures for delivery of corn fell as much as $0.09 (1.22 percent) to $7.2825 per bushel as of 19:30 GMT on CBoT today. Contract for soybeans declined $0.05 (0.34 percent) to $14.6725 per bushel.

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