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Corn Retreats as USDA Reports Declining Export Sales

Sept. 27 (Bloomberg) -- 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.

The export sales report “was disgusting on corn,” Mike Zuzolo, the president of Global Commodity Analytics & Consulting in Lafayette, Indiana, said by phone. “For wheat, even though sales were down from the four-week average, they were a little better than I was expecting.”

Corn for December delivery fell 0.8 percent to $7.19 a bushel at 8:07 a.m. on the Chicago Board of Trade, after touching $7.185, the lowest for a most-active contract since July 12. Soybeans for November delivery declined 0.4 percent to $15.66 a bushel.

Wheat for December-delivery fell 0.1 percent to $8.6825 a bushel in Chicago. In Paris, November-delivery milling wheat dropped 0.3 percent to 260.50 euros ($335.34) a metric ton on NYSE Liffe.

To contact the reporter on this story: Whitney McFerron in London at wmcferron1@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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