Chicago grain prices decline on weak dollar, Egypt tension

15:23, February 04, 2011      

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Chicago grain prices suffered weak sentiment on Thursday, as the greenback gained strength and Egyptian tension escalated. Corn and soybeans retreated from their 30-month highs while wheat went down following strong rally.

The most active corn contract for March delivery declined 6.75 cents, or one percent, to 6.625 U.S. dollars per bushel. March wheat shed four cents, or 0.46 percent, to 8.59 dollars per bushel. March soybean dropped 8.5 cents, or 0.59 percent, to 14.355 dollars per bushel.

Market traders noted that the stronger U.S. dollar, which gained strength following release of U.S. economic data on employment and manufacturing, pushed down the prices of agricultural products.

Besides, the escalation in Egypt violent protest also sparked liquidating selling. Gunfire erupted in Egypt' s Cairo after supporters of President Hosni Mubarak battled with demonstrators. Egypt is the one of the largest grain importers.

The U.S. Department of Agriculture (USDA) released the grain exports on Thursday, which further weighed on the wheat market, as the wheat export sales arrived at only 565,400 metric tons in the week ended on Jan. 27, which was much lower than earlier expectation.

Meanwhile, the corn and soybeans export sales totaled 1.236 million metric tones 4.107 million metric tons in the week as of Jan. 27.

Source: Xinhua
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