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Week Starts with Slump of Grain Prices

April 14, 2015 at 0:01 by Vladimir Vyun

Wheat demonstrated a big slump on Monday and continued to drop today as weather was improving for the crops in the United States. Plants, which were suffering from dry weather previously, received much-needed rainfall over the weekend, and forecasters predict that rains will continue.

Futures for corn dropped as well due to the outlook for growing stockpiles. The US Department of Agriculture boosted its forecast for both US ending stocks and global inventories.

Soybeans were also among losers, although prices for the oilseed fell not as much as for other grains. Still, prospects for a record harvest in Brazil and resulting surplus on the market remain a very bearish factor for the commodity.

July futures for delivery of wheat slumped as much as 4.53 percent to $5.0025 per bushel on CBoT today. Contract for corn lost 1.72 percent to $3.7050 per bushel. May soybeans edged down 0.29 percent to $9.4875 per bushel.

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