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Posted AT 6:53 AM EDT on 23/07/08

U.S. corn falls over 3 per cent as oil retreats

Reuters

PARIS/SEOUL — U.S. corn futures lost more than 3 per cent in European trade on Wednesday as oil prices slipped to $22 (U.S.) below an all-time high hit two weeks ago, cooling demand for biofuel feedstocks. Favourable weather conditions also continued to pressure the U.S. and European grains markets. By 1000 GMT, the September corn contract dropped 3.1 per cent to $5.55-1/2 a bushel.

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