iNVEZZ.com Friday, July 19th: Corn extended its recent slump to the last day of the trading week, falling for a third consecutive session on Friday on signs that cooler, wetter weather in parts of the U.S. will improve crop conditions for the world’s largest grower.
According to weather forecaster DTN, temperatures that reached 96 degrees Fahrenheit (36 degrees Celsius) yesterday in the U.S. Midwest, the main corn and soybean growing region, will begin dropping tomorrow, and some areas may see “scattered light to locally moderate showers.” This forecast weighed on the corn price, which has shed more than two percent so far this week. After reaching its lowest level since July 8 yesterday, corn for December delivery on the Chicago Board of Trade (CBOT) today shed another 1.1 percent to $4.9525 a bushel as of 14:44 BST.
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