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Corn hits three-year low

Updated: 09/13/2013 @ 2:53pm

DES MOINES, Iowa (Agriculture.com)--With profit-taking occurring following yesterday's soybean rally, the CME Group corn, soybean, and wheat markets remain lower Friday.

For corn, the USDA's September crop projection of 13.843 billion bushels weighed on prices. The market is convinced the U.S. corn crop is going to be bigger than folks think, analysts say.

Before expiring at midday, the September futures contract hit $4.50 level, a three-year low. The Dec. corn futures contract closed 7 cents lower at $4.59. The Nov. soybean futures contract settled 14 cents lower at $13.81. Dec. wheat futures finished 11 cents lower at $6.41 per bushel. The Dec. soymeal futures finished $4.40 per short ton lower at $442.80. The Dec. soyoil futures settled $0.47 lower at $42.56.


In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is unchanged, and the Dow Jones Industrials are 65 points higher.

Discuss the corn, soybean, and wheat markets in Marketing Talk.

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09/13/2013 @ 4:31pm Its so amusing that you take twice this week do profit taking and make some quick money all the while over the past 6-7weeks as this drought hit farmers had to watch their crops die and you idiots could care less. So enjoy your weekend off and your steak dinners and be ready to knock em down again on monday cause somebody got tsome rain.

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