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Today in Agriculture: Market Under Pressure

July 22, 2014 at 0:26 by Vladimir Vyun

The agricultural market was under pressure due to forecasts of favorable weather in the United States. Corn, soybeans and wheat were among the biggest losers. Specialists predict that absence of heat in the near future should help plants’ growth, perhaps resulting in a record harvest for some crops.

The US Department of Agriculture released its estimates of crop progress as of the last week. According to the report, 76 percent of corn crop was in good or excellent condition — the most since 2004 for this time of year. As for soybeans, 72 percent were in the top condition, compared to 64 percent in the previous year.

December futures for delivery of corn sank as much as 1.72 percent to $3.7200 per bushel as of 00:20 GMT on CBoT today. November contract for soybeans tumbled 1.27 percent to $10.7150 per bushel. September wheat lost 0.42 percent to $5.3000 per bushel.

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