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Corn Falls as Highest Price in Two Years Slows U.S. Export Sales

Thursday, 21 Oct 2010 12:59 PM

Oct. 21 (Bloomberg) -- Corn futures fell for the sixth time in seven sessions after a government report showed reduced overseas demand for supplies from the U.S., the biggest producer and exporter.

Exporters sold 212,478 metric tons in the week ended Oct. 14, down 77 percent from a week earlier and 72 percent less than the average the prior four weeks, the U.S. Department of Agriculture said in a report. Before today, corn surged 60 percent since the end of May, reaching a two-year high last week, as adverse weather reduced U.S. production.

“Export sales were disappointing,” said Mark Schultz, the chief analyst for Northstar Commodity Investment Co. in Minneapolis. “High prices have increased importer reluctance to increase purchases.”

Corn futures for December delivery fell 6.75 cents, or 1.2 percent, to $5.6675 a bushel at 10:46 a.m. on the Chicago Board of Trade, after surging 5 percent yesterday. On Oct. 13, the price reached $5.88, the highest level for a most-active contract since August 2008.

Corn is the biggest U.S. crop, valued at $48.6 billion in 2009, government figures show.

--Editors: Steve Stroth, Millie Munshi.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

© Copyright 2017 Bloomberg News. All rights reserved.

 
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Oct. 21 (Bloomberg) -- Corn futures fell for the sixth time in seven sessions after a government report showed reduced overseas demand for supplies from the U.S., the biggest producer and exporter. Exporters sold 212,478 metric tons in the week ended Oct. 14, down 77...
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Thursday, 21 Oct 2010 12:59 PM
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