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Oct. 11 (Bloomberg) -- Corn fell in Chicago on speculation the U.S. may raise its global supply estimate tomorrow, intensifying competition among exporters. Wheat advanced.
Inventories of corn will probably reach 120.5 million metric tons at the end of this season, higher than last month’s 117.4 million-ton projection by the U.S. Department of Agriculture, according to the average estimate of analysts surveyed by Bloomberg. Investors should close out positions until the report’s release, said economist Dennis Gartman.
“Zero positions are the order of the day,” he said in his daily Gartman Letter. “Discretion is the far, far better part of valor here.”
Corn for December delivery declined 4.5 cents, or 0.7 percent, to $6.005 a bushel by 10:45 a.m. London time on the Chicago Board of Trade. The grain reversed a gain of as much as 0.7 percent and retreated for a second session in three.
Ukraine, set to become the world’s third-biggest corn exporter, will probably ship about 10 million tons of grains overall in the first half of this marketing year, Volodymyr Lapa, an analyst at the Ukrainian Agribusiness Club, said yesterday.
Wheat for delivery in December rose 3.5 cents, or 0.6 percent, to $6.15 a bushel. Milling wheat for November delivery traded on NYSE Liffe in Paris was unchanged at 184 euros ($250) a ton.
Soybeans for delivery in November fell 2 cents, or 0.2 percent, to $11.755 a bushel in Chicago.
--With assistance from Phoebe Sedgman in Melbourne. Editors: Dan Weeks, John Deane.
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