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Chicago grains tumble as Russia lifts ban on grain exports

06-01-2011 09:40 BJT

CHICAGO, May 31 (Xinhua) -- Chicago grains tumbled on Tuesday, after Russia, one of the world's major grain exporters, announced its decision to lift a ban on grain exports as of July 1.

However, dry weathers around the world have helped to support the prices of corn and soybean to some extent.

The most active corn contract for July delivery declined 11 cents, or 1.45 percent, to close at 7.475 U.S. dollars per bushel. July wheat slumped 37.5 cents, or 4.57 percent, to 7.8225 dollars per bushel. July soybean shed 3.75 cents, or 0.27 percent, to 13. 76 dollars per bushel.

Market analysts said that the news of Russia's resumption of grain exports was enough to spark aggressive selling on the wheat market, which suffered the biggest drop in almost three weeks.

Officials from the Russia Grain Union forecast that Russia, the world's second largest wheat shipper, would export 15-20 million metric tons of grain this year, providing the country's grain harvest could reach 85-90 million metric tons.

Affected by weak sentiment on the wheat market, corn and soybean also retreated. However, the corn market was somewhat supported by the drought issues in China, as it is reported that seven million hectares of farmland has been affected in China by drought.

Meanwhile, traders are watching the developments in Argentina as port workers threatened to block grain shipments from the port of Rosario due to a labor dispute with a fertilizer company. Besides, continued concerns on the dry weather in Europe and the potential losses for rapeseed also helped to cushion the drop in soybean's price.

Editor:Yang Jie |Source: Xinhua

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