Tim Hannagan News
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Wheat futures fell to a five-month low and corn dropped the most in a week after a government report showed slowing overseas demand for supplies from the U.S., the world’s biggest exporter. Soybeans declined.
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U.S. farmers accelerated harvesting of the corn crop last week as warmer, drier weather firmed muddy fields for heavy machinery. Soybean conditions improved.
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Corn and wheat futures rose in Chicago on speculation that freezing weather will harm crops in the U.S., the biggest exporter of both grains.
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What follows are opening calls for U.S. oilseed and grain markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
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What follows are opening calls for U.S. grain and oilseed markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
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Cash premiums for corn and soybeans shipped this month to terminals near New Orleans were unchanged relative to Chicago futures as adverse weather threatened South American crops, while demand for U.S. supplies stalled.
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Hedge funds cut their bullish bets on wheat to the lowest this year on speculation that supplies would be adequate to meet global demand. Speculation on higher corn and soybean prices also declined.
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What follows are opening calls for U.S. grain and oilseed markets, which resume trading at 5 p.m. on the Chicago Board of Trade.
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Soybeans rose the most in a week on speculation that an end to the global recession will boost demand for the oilseed to make food and animal feed.
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China, the second-biggest corn consumer, may import more of the grain if global prices fall 19 percent to about $5 a bushel, a level that is significantly below domestic prices, said Yigu Information Consulting Ltd.
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