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***Top stories from the last 15 days
- Written by Sumit Roy |
- January 12, 2012
Grains Plunge Following Bearish USDA Data, Prices May Retest Lows
- Details
Traders sold grains aggressively after fourth-quarter inventories and projections for season-ending inventories were revealed to be higher than expected.
Grains plunged today after the USDA released a bearish batch of data in its World Agricultural Supply and Demand Estimates and Crop Production reports. Prices gave back a hefty chunk of recent gains that were inspired by dry weather in South America, which spurred supply concerns.
Corn plunged by 5.95 percent to $6.13/bushel, while soybeans lost 1.77 percent to $11.76, and wheat plummeted 5.66 percent to $6.05.
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