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GFMM desk: Chicago corn futures lost ground on Friday, with the market poised for its biggest monthly decline in almost five years, as near-perfect weather aids crop development across the U.S. Midwest. Wheat and soybeans slid with both markets facing their second monthly decline.
The most-active corn contract on the Chicago Board of Trade has given up nearly 10% this month, the biggest monthly loss since September 2014. Soybeans are down 1.6%, while wheat dropped 3.7% with both markets closing lower for a second month in a row.
The corn market dropped to its lowest in more than three months on Wednesday as the U.S. crop has been progressing well after the spring floods.
Mild, mostly dry weather is now favoring crop development, agricultural meteorologists said.
Grain traders are awaiting details about a "giant package" related to ethanol that U.S. President Donald Trump said his administration is planning to announce.
Farmers are angry that oil refiners have been freed from obligations to use the corn-based fuel. For more..
Source: Reuters
SZK
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