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Problems of US & Europe Hurt Corn, Soybeans & Wheat

June 15, 2011 at 23:31 by Vladimir Vyun

Corn, soybeans and wheat fall as the US economy showed signs of weakness and the European debt crisis worsened.

The inflation slowed and the industrial production increased less than predicted in the US. The production ethanol dropped 3.8 percent last week, the biggest decline since April. Ethanol is produced mainly from corn.

Problems in Greece intensified as protesters went on demonstrations against the planned wage cuts and tax increases. The austerity measures are required to receive new portion of the bailout that was planned last year. Greece’s Prime Minister George Papandreou may resign from his office.

December futures for corn delivery slipped $0.15 (2.2 percent) to $6.70 per bushel as of 11:24 on CBoT. November futures for soybean delivery fell $0.03 (0.2 percent) to $13.6075 per bushel. Futures for wheat delivery in September slid $0.0225 (0.3 percent) to $7.5975 per bushel by 9:34.

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