Corn slides again as China rejection fears remain
Corn futures fell for a third straight day on concern that China may reject more shipments from the U.S. after cargoes contained unapproved genetically modified varieties. Soybeans and wheat also declined.
China has rejected 180,000 metric tons of corn in the past month after finding genetically engineered insect-resistant MIR 162 strain. Further rejections may cut demand for supplies from the U.S., where growers just finished harvested a record crop. U.S. stockpiles are forecast to more than double in the year that started on Sept. 1, according to the Department of Agriculture.
With electronic trading paused until the open outcry session starts at 9:30 a.m. EST, Chicago Board of Trade corn futures for March delivery fell 3 3/4 cents, or 0.9%, to $4.21 3/4 a bushel.
Soybeans futures for January delivery dropped 5 cents, or 0.4%, to $13.22 1/2 a bushel on the CBOT.
Wheat futures for March delivery fell 4 1/4 cents, or 0.7%, to $6.24 1/2 a bushel in Chicago trading.
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(END) Dow Jones Newswires
December 16, 2013 09:15 ET (14:15 GMT)
DJ Corn Falls Third Day on Concern China May Reject More U.S. Grain->copyright