Wheat, corn drops

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SINGAPORE- Chicago wheat futures lost more ground on Thursday, with prices sliding to their lowest in almost two weeks, on pressure from beneficial rains in Argentina and ample supplies in Russia.

Corn also extended its losses, while soybeans were largely flat.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.7 percent  at $5.64-1/4 a bushel, having dropped to $5.63-1/4 a bushel, the lowest since Oct. 12.

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Soybeans added quarter of a cent to $13.09 a bushel and corn lost 0.2 percent  to $4.79-1/4 a bushel.

“There have been beneficial rains in Argentina, which are beneficial for the wheat crop,” said a grains trader in Sydney. “In Australia, some late rains have improved the crop conditions on the east coast.”

Russia’s grain harvest in 2023 is seen at 140 million tons, Russian Agriculture Minister Dmitry Patrushev said during a meeting with Russian President Vladimir Putin on Thursday.  – Reuters

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