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Grains, soy slumping on weather, USD

01/30/2012 @ 7:53am

 Early calls for grains and soybeans see a down trending market, according to Dow Jones. Corn is seen down 6-8 cents, wheat off 5-7 cents and soy down 12-14 cents.

"US grain and soybean futures stumbled overnight and are expected to extend the lower price theme into day session trading," Dow Jones reported.

 "Broader-based selling across asset classes amid strength in the US dollar and worries about EU debt are weighing on prices, analysts say.

"Added pressure is seen from soaking rains forecast to move through Argentina and into dry areas of southern Brazil that could benefit the crop at the tail end of the growing season, analysts say."

Overnight, CBOT March corn was down 7 3/4c $6.34/bushel; March wheat off 5 3/4c at $6.41 1/2; March soy 14 1/4c lower at $12.04 3/4."

Cattle and hog futures also are seen opening lower on the drop in cash grain prices, sources reported early Monday.

 

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