Chicago grain prices tumble as China moves to curb inflation

10:25, November 20, 2010      

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Chicago grain prices tumbled on Friday as China moved to rein in inflation, and as a result, it slows the economy and curbs demands for food. The wheat futures fell for the first time in three days, while soybeans and corn also slipped.

The most active corn contract for December delivery fell 21 cents, or 3.9 percent, to 5.2075 U.S. dollars per bushel. December wheat declined 0.75 cents, or 0.12 percent, to 6.445 dollars per bushel. January soybean shed 40.5 cents, or 3.3 percent, to 12.015 dollars per bushel.

Market traders noted that concerns that China's tightening measures would dampen demands for imported agricultural products has encouraged selling and investors wanted to cash in their holding before the weekend.

China's central bank on Friday ordered banks to set aside an additional 0.5 percent of their deposits from Nov. 29, the fifth such hike this year and the second increase this month. The country's consumer price index (CPI), a main gauge of inflation, soared to a 25-month high of 4.4 percent year on year in October.

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