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Grains Fall After USDA Crop Progress Report

June 14, 2016 at 3:54 by Vladimir Vyun

Prices for grains fell after the report released by the US Department of Agriculture on Monday. The data showed that the amount of corn of good-to-excellent quality remained unchanged at 75% from a week ago. The amount of soybeans received the same grade increased from 72% to 74%. The amount of wheat rated good or excellent actually decreased a little from 62% to 61%, but this did not prevent the commodity to join others in decline.

Adding to the downside pressure on the agricultural commodities was the poor market sentiment. There were a plenty of reasons for the traders’ mood to sour, and the threat of the United Kingdom leaving the European Union was the major one at the start of the current trading week.

Futures for delivery of corn in September dropped 1.1% to $4.2525 per bushel as of 3:44 GMT on CBoT today. November soybean tumbled as much as 1.62% to $11.4025 per bushel. Wheat for delivery in July declined 0.97% to $4.865 per bushel.

The biggest loser in the agricultural Toddler Bounce House complex was cattle with August contract for live cattle sliding 2.56% to $1.1435 per pound and prices for feeder cattle sinking 3.09% to $1.4105 per pound on CME.

If you have any questions and comments on the commodities today, use the form below to reply.

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