Grain prices collapsed for a second straight session yesterday as the market absorbed the implications of a report showing higher than estimated US corn stocks.
The falls came after a pair of surveys released last Thursday by the US that highlighted its continued importance as a food commodities supplier even as rivals such as Argentina, Brazil and Ukraine took bigger shares of world exports.
In Chicago, CBOT May corn was down 6.5 per cent yesterday to $6.5025 a bushel, the lowest since last June. This followed a 5.4 per cent fall on Thursday before a break for the Easter holiday weekend.
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