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Corn hits 'limit' down

Updated: 09/30/2011 @ 10:58am

DES MOINES, Iowa (Agriculture.com)--At mid-session, the bearish USDA data Friday is continuing to send the CME Group farm futures prices sharply lower. 

After already hitting its daily 40 cent 'limit' down, the Dec. corn futures are trading 39 cents lower at $5.92 1/4. The Nov. soybean contract is trading 42 cents lower at $11.88. The Dec. wheat futures are trading 38 1/4 cents lower at $6.16. The Dec. soymeal futures are trading $11.00 per short ton lower at $310.30. The Dec. soyoil futures are trading $1.55 lower at $50.40.

In the outside markets, the NYMEX crude oil is $1.05 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 52 points.

Essentially, in its September Stocks Report Friday, the USDA says the U.S. has more corn and wheat in on-farm and commercial storage. As a result, corn prices have dropped below $6.00 per bushel and soybeans below $12.00.

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