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Chicago wheat down as Russia ends export tax

Xinhua, May 16, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat dropped Friday as Russia announced an end to wheat export tax, while corn and soybeans also drifted lower.

The most active corn contract for July delivery fell 2.5 cents, or 0.68 percent, to close at 3.655 U.S. dollars per bushel. Wheat for July delivery lost 3.25 cents, or 0.63 percent, to 5.11 dollars per bushel. July soybeans decreased 3.75 cents, or 0.39 percent, to 9.5325 dollars per bushel.

Russia on Friday removed a duty on wheat export. The decision will allow Russia to export up to an additional one million tons of wheat by June 30, the Russian government said in a statement.

Analysts said the move, which had been expected, will put further pressure on global wheat prices, including Russian wheat.

Corn settled down on profit taking after advancing for three consecutive days. CBOT floor brokers estimated that funds had sold 2,000 contracts of corn in the morning session, said Agresource, a Chicago-based Institute. Endite