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Corn futures strengthen gains | Monday, August 2, 2021
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Say goodbye to food choice and selection as droughts threaten food, water shortages and blackouts
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Corn Rises, Hits Limit-Up on Rebound From Early-Week Selling Corn for July delivery rose 6.4% to $6.64 1/2 a bushel on the Chicago Board of Trade Thursday, with grain traders seeing the losses from earlier this week as overdone. Wheat for July delivery rose 4% to $6.74 a bushel. Soybeans for July delivery rose 2.2% to $15.40 a bushel. Corn futures soared today, closing limit-up after rising 40 cents per bushel. It follows a 5.6% rout on Tuesday. Grain traders say they got carried away by news China would curb some amount of importing in an effort to control commodity prices as their economy bounces-back post-pandemic. It was only 1 million metric tons and the market overreacted, said Sal Gilbertie of Teucrium Trading. The global corn balance sheet won t change at all with China s cancellation of a few cargoes.