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Grains Extend Losses on Favorable Weather Forecasts

September 21, 2013 at 0:39 by Vladimir Vyun

Grains extended their drop on Friday as weather forecasts were favorable to crops. Some of US growing areas received ample rainfall that should boost harvest. Forecasters predict warm weather next week, alleviating fears of frosts and improving outlook for yield further. December futures for delivery of corn dropped as much as $0.085 (1.85 percent) to close at $4.51 per bushel on CBoT. Soybeans went down $0.2425 (1.81 percent) to $1,315.25 per bushel. Contract for wheat lost $0.1075 (1.64 percent) to $6.4625 per bushel.

Rubber also dropped, following crude oil in decline. Easing tension in Middle East led to losses on the energy market. This, in turn, reduced attractiveness of the commodity used as a material for making of tires. February futures for rubber ended the trading session lower by ¥0.9 (0.32 percent) to ¥283 per kilogram on Tokyo Commodity Exchange.

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