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Grains Tumble After USDA Report

March 29, 2013 at 1:37 by Vladimir Vyun

Corn dropped, posting the biggest decline since May, followed by soybeans and wheat after official data showed that reserves of the grain were higher than analysts have expected. The US Department of Agriculture reported that US inventories of corn totaled 5.399 billion bushels by the beginning of the month. The stockpiles declined 10 percent from the previous year, but still were above the experts’ estimate of 4.995 billion bushels.

Corn dropped by the limit allowed by the Chicago Board of Trade. Soybeans demonstrated the biggest drop since September. Wheat, which rallied previously, was down most since 2011.

Corn futures for delivery in May dropped as much as $0.4 (5.44 percent) to $6.9525 per bushel on CBoT yesterday. Contract for soybeans tumbled $0.49 (3.37 percent) to $14.0475 per bushel and wheat sank $0.49 (6.65 percent) to $6.8775 per bushel in Chicago.

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