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Wheat & Corn Decline on Slowing Demand, Sugar Falls

January 26, 2010 at 21:32 by Vladimir Vyun

Wheat prices dropped on expectation that China’s lending limits will slow economic growth and cause decline in demand for U.S. grains. Wheat fell 8 percent this month as pace of an increase in weekly U.S. exports is not enough to outweigh growing global stockpiles. March futures for wheat delivery slid $0.03 (0.6 percent) to $4.9525 per bushel as of 10:16 on CBoT.

Corn slid on speculation that record U.S. production will exceed world demand as China are going to slow economic growth. Analysts forecast record global production, resulting in ample supplies for producers of sweeteners, ethanol and livestock feed. March futures for corn delivery dropped $0.03 (0.8 percent) to $3.6475 per bushel by 10:23 on the Chicago Board of Trade.

Sugar went down in New York as the record prices since 1981 drove away buyers from the commodity. Futures reached $0.301 per pound yesterday, the highest level in 29 years. March futures for raw-sugar delivery declined $0.0009 (0.3 percent) to $0.2971 per pound at 10:26 on ICE.

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