Corn Retreats as USDA Reports Declining Export Sales
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Corn fell to an 11-week low after a government report showed U.S. exports have slipped since prices rallied to a record last month. Soybeans also declined.
U.S. exporters sold 368 metric tons in the week ended Sept. 20, compared with 69,578 tons a week earlier, the Department of Agriculture said today. Corn prices are down about 15 percent since the worst U.S. drought in half a century spurred a rally to a record $8.49 a bushel on Aug. 10. Wheat export sales at about 426,000 tons were 13 percent below a week earlier.