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Corn futures slide to 7-month low

July 21, 2009

U.S. corn futures slid to a 7-month low Tuesday on technical selling and a wet weather forecast, suggesting poor corn pollination, traders said.

September corn closed down 11 3/4 cents to $3.11 1/2 per bushel on the Chicago Board of Trade and December corn ended down 11 3/4 cents to $3.22.

Soybeans also fell as favorable weather in the U.S. Midwest raised prospects for large fall yields.

August soybeans closed down 18 1/2 cents at $10.14 1/2 a bushel. New-crop November soybeans were down 18 cents at $9.05.

The specter of China slowing imports as Beijing auctions 500,000 metric tons of soybeans Thursday for domestic use added to soybean’s downward pressure.

Soybean and corn values were further weakened by news Tyson Foods Inc. would eliminate some 28 percent of its hog herd amid high feed prices and a pork-sales slowdown.

The wheat market sold off with corn and soybeans, aided by a higher U.S. dollar and lower U.S. stock prices.

Wheat for September delivery slid 7 1/2 cents to $5.34 3/4 a bushel.

Chicago oats futures also fell, with September oats ending down 9 3/4 cents to $2.06 1/4 per bushel and December oats closing down 9 3/4 cents to $2.18 1/4.

The prices:

Corn: Sep 3.11 1/2, down 11 3/4; Dec 3.22, down 11 3/4; Mar 3.35 3/4, down 11 3/4; May 3.45 1/2, down 11 3/4.

Soybeans: Aug 10.14 1/2, down 18 1/2; Sep 9.41 1/2, down 19; Nov 9.05, down 18; Jan 9.12 1/4, down 17 3/4.

Wheat: Sep 5.34 3/4, down 7 1/2; Dec 5.61 1/2, down 7 1/4; Mar 5.80, down 7 1/4; May 5.91, down 7 1/4.

Oats: Sep 2.06 1/4, down 9 3/4; Dec 2.18 1/4, down 9 3/4; Mar 2.30 1/4, down 9 3/4; May 2.38 1/4, down 9 3/4.


Source: upi



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