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Corn, wheat, soybeans all fall on higher dollar

07-25-2012 05:45 BJT

CHICAGO, July 24 (Xinhua) -- Chicago corn, wheat and soybeans all fell in trading Tuesday, as a higher U.S. dollar and negativity from Europe weighed heavily upon trading.

The most active corn contract for December delivery fell 7.25 cents, or 0.92 percent, to close at 7.7825 dollars per bushel. September wheat sharply fell 34 cents, or 3.73 percent, to settle at 8.7875 dollars per bushel. November soybeans plummeted 52.75 cents, or 3.25 percent, to close at 15.695 dollars per bushel.

Agricultural commodities all continued their slides downward, as gloomy news from Europe cast a bearish market atmosphere on the majority of markets Tuesday.

U.S. stocks slid for the third straight session on Tuesday as concerns over Europe and some weak earnings continued to weigh on the market. When the market closed, the Dow Jones industrial average lost 104.14 points, while eurozone fears also sent the dollar up sharply.

A stronger greenback is a negative for commodities, as it makes them more expensive for holders of other currencies.

The risk-aversion atmosphere heavily pressured agricultural commodities, with wheat and soybeans suffering in particular.

While hot and dry weather conditions had previously bolstered the grains, weather provided little support Tuesday, as Monday's showers provided some much-needed rain to most of the Midwest.

The Western Corn Belt, however, did not get any rain, and continued hot forecasts for the region helped corn limit its losses for the day.

 

Editor:James |Source: Xinhua

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