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U.S. corn futures fall for fourth straight session on improved harvest pace

2019-11-06 05:54

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CHICAGO, Nov. 5 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled mixed on Tuesday, with corn futures decreasing for a fourth straight session on improved harvest pace.

The most active wheat contract for December delivery added 5.5 cents, or 1.08 percent, to settle at 5.1525 U.S. dollars per bushel. December corn was down 1.5 cents, or 0.39 percent, to settle at 3.8175 dollars per bushel. January soybeans fell 3.75 cents, or 0.4 percent, to 9.3425 dollars per bushel.

Corn futures dropped to a 3-week low, and soybeans edged lower as largely dry U.S. Midwest weather propelled harvesting and rains bolstered crop prospects in South America where farmers are planting corn and soy.

The U.S. Department of Agriculture (USDA) said in its crop growth progress report released on Monday that the U.S. soybean harvest was 75 percent complete as of Nov. 3, up from 62 percent a week earlier.

The U.S. corn harvest was 52 percent complete, up from 41 percent a week earlier, but behind the five-year average of 75 percent.

Wheat futures rose on Tuesday after the USDA reported slower-than-expected winter crop planting progress.

The agency said 89 percent of the U.S. winter wheat crop had been planted, behind market expectations of 91 percent.
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