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Grains open the week lower in Chicago

Monday, October 15, 2012

Grains open the week lower in Chicago
Grains open the week lower in Chicago

Across the board, grain prices were lower when markets opened on Monday after many rallied higher in the previous week on the U.S. Department of Agriculture's World Agricultural Supply and Demand Estimates report.

According to Drovers Cattle Network, corn futures rose for two consecutive sessions on the report, however, on Monday, the grain opened 1.179 percent lower, which likely was the result of ongoing harvest pressures and lower domestic demand for corn.

Soybean futures did not fare much better on Monday, opening much lower falling to double digit losses by the early morning. The falling prices were attributed to stubborn pressure from both commercial and noncommercial long liquidation, which has stemmed from low export demand in South America. Soybean export sales in the previous week totaled 500,700 metric tons, 249,000 metric tons below what analysts had predicted, the media outlet stated. Wheat was also down, and though not as strong a drop as corn and soybean prices, the grain has been continually falling for days.

According to The Associated Press, corn for December delivery fell 11 cents to $7.42 per bushel.

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