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Prices for Crude Drop, Corn Gains Ground

November 11, 2014 at 6:55 by Vladimir Vyun

Crude oil declined today as analysts expect that US stockpiles will continue to grow. It is also expected that global supply will remain steady as the Organization of Petroleum Exporting Countries is not going to cut its output. The reduction of prices by Iraq to buyers in the United States is another negative factor for crude. December futures for delivery of WTI crude oil dipped 0.40 percent to $77.09 per barrel as of 6:40 GMT on NYMEX today. Futures for Brent crude declined 0.29 percent to $82.10 barrel on ICE.

Meanwhile, prices for corn ticked up after the US Department of Agriculture trimmed its forecast unexpectedly. The USDA predicted that output will total 14.407 billion bushels. This is compared to the previous estimate of 14.475 billion. It is still expected that this season’s harvest will be at a record. December contract for delivery of corn advanced 0.14 percent to $3.6975 per bushel on CBoT today.

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