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US Corn Slumps On Proit Taking
04.08.2010 09:57 "Agro Perspectiva" (Kyiv) —
Corn futures were lower on Monday. September futures were 2 1/4 cents lower at $3.90 1/2. The December contract was 2 1/4 cents lower at $4.04 1/2.
U.S. weather is generally favorable although some areas such as central Iowa continue to suffer from too much moisture while the southern portions of the Corn Belt are too dry.
The drought in Russia, Ukraine and Kazakhstan continues to be a dominant market factor. No changed in weather in that region. Forecasts call hot, dry conditions to persist. Some are suggesting grain production in the region could be down 50 million tonnes. Thats nearly 2 billion bushels a large portion of which has been exported. Its clearly positive for U.S. exports, but just how friendly is the question. So far new-crop export commitments are solid but not extraordinary. Export commitments from Brazil, though, are very strong which could be seen as precursor of U.S. export demand.
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