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November 18, 2008

 

US corn and soy fall on strengthening dollar
 
 

The strengthening dollar has reduced the appeal of US grains, leading to price declines for corn, soy and wheat.

 

The US dollar rose 9.7 percent since October 1 against six major world currencies. US corn exports in the week ended Thursday (November 13, 2008) were 25.05 million bushel, up 1.2 percent from a week earlier but down 57 percent on-year, said the USDA.

 

Corn for December delivery fell as much as 1.1 percent to US$3.815 per bushel after a 1.4-percent increase yesterday.

 

The US has harvested 78 percent of its corn crop as of Sunday (November 16, 2008), down from 97 percent last year. Rain and snow in some Midwest growing areas slowed a harvest that was already delayed by wet weather during planting.

 

Soy for January delivery fell 0.3 percent to US$9.035 per bushel after moving up 1.2 percent yesterday. The US has harvested 95 percent of the soy crop, down from 98 percent a year ago.

 

Wheat for March delivery dropped 0.6 percent to US$5.5075 per bushel.

 

US winter wheat conditions declined unexpectedly last week, according to the USDA. About 66 percent of the winter crop was in good or excellent condition as of Sunday (November 16, 2008), down from 68 percent a week ago, the USDA said.

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