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Chicago corn suffers first drop in five days

04-07-2011 10:17 BJT

CHICAGO, April 6 (Xinhua) -- Chicago corn on Wednesday suffered the first decline after hiking for four consecutive trading days, as some investors opted to sell the holding at a high level. Meanwhile, wheat also joined the falling line but soybeans reversed the downside course following three straight drops.

The most active corn contract for May delivery lost 3.75 cents, or 0.45 percent, to close at 7.63 U.S. dollars per bushel. May wheat shed four cents, or 0.5 percent, to 7.8225 dollars per bushel. May soybean gained 3.25 cents, or 0.24 percent, to 13.765 dollars per bushel.

Market analysts said that some investors have begun to take profit after hot-red hikes in the corn prices. The Chicago corn market has been put on the rising track after U.S. Department of Agricultural (USDA) announced the sharp decline in inventory.

Besides, traders noted that increasing spread trading by short corn and long soybeans also helped to weigh on the market.

Meanwhile, Chicago wheat also suffered the correction pressure in the day. After USDA's cut in the inventory on March 31, wheat and corn have increased 13 percent and 16 percent, respectively.

Moreover, the wheat-crop conditions are improving in China, the world's largest grower, which cut the import demands from the country and thus, added to the negative sentiment.

Soybean, however, bounced off a 3-day contraction. Traders said that the rebound was mainly supported by short-covering as well as the spread trading between corn and soybeans.

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Editor:Yang Jie |Source: Xinhua

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