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Corn, soybeans slide on demand worries

Jeff Caldwell 12/01/2011 @ 4:11pm Multimedia Editor for Agriculture.com and Successful Farming magazine.

Poor export demand and generally lackluster demand prospects for corn and soybeans sent those grains tumbling after a few days of bounceback gains on the CME Group floor Thursday.

At the close, March corn was 6 1/2 cents lower at $5.94 3/4 per bushel, while January soybeans were 3 1/4 cents lower at $11.28, according to Barchart.com. March wheat was the lone grain in the black Thursday, ending up 6 1/4 cents higher at $6.02 per bushel.

Thursday morning's weekly grain export sales numbers came in lower than anticipated for corn, and that stoked fears that previously though tight corn carryout stocks may stretch further than market-watchers thought earlier this spring. On top of demand concerns like that, some traders entered into profit-taking mode toward the end of Thursday's session, contributing to the lower close.

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