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Wheat Drops as Iraq, Egypt Shun Grain From U.S.; Corn, Soy Fall

Aug. 7 (Bloomberg) -- Wheat fell the most in three weeks after Iraq and Egypt shunned U.S. grain in tenders yesterday, indicating ample global supplies. Corn and soybeans dropped.

Egypt, the world’s largest wheat importer, bought 60,000 metric tons each from both Romania and Ukraine yesterday, while Iraq purchased 150,000 tons of Australian and Canadian grain.

“Wheat’s lower because we missed out on that sale to Egypt,” Jamey Kohake, a broker and branch manager at Paragon Investments in Silver Lake, Kansas, said by telephone. “I don’t think wheat’s going to fall apart completely, but since we missed that sale,” investors are selling the grain, he said.

Wheat futures for December delivery fell 1 percent to settle at $6.5625 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest decline since July 15. The grain has slumped 16 percent this year amid an outlook for bigger world production.

Corn futures for December delivery slid 0.2 percent to $4.5825 a bushel in Chicago. Prices retreated to $4.55 yesterday, the lowest since October 2010.

Soybean futures for November delivery slipped 0.1 percent to $11.6575 a bushel on the CBOT, after touching $11.625, the lowest for a most-active contract since January 2012.

To contact the reporters on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net; Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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