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CHICAGO, Aug. 16 (Xinhua) -- Chicago wheat futures ended much lower on Monday, as upcoming rainfalls in northern Russia offered investors some hope that it may alleviate the impacts of the worst drought in 130 years of Russia that devastated its wheat crops. Corn and soybean both followed wheat lower, despite a sagging U.S. dollar. December corn dropped 4.5 cents, or 1.1 percent, to 4.2275 U.S. dollars per bushel. November soybean lost 12.5 cents, or 1.2 percent, to 10.315 dollars per bushel. December wheat plummeted 38 cents, or 5.2 percent, to 6.9625 dollar per bushel. The discouraging economic data out of Japan and U.S. have weighed on market sentiment on Monday, and left many physical commodity markets in a downward track, although a slightly weaker dollar has provided some support to the market. Trader noted that the wheat prices managed to remain in positive territory for most of the session, but the prices plunged in the mid-session on forecasts that Russia is heading for rains, which may end the persistent drought that had made global wheat prices skyrocket recently. The decline of wheat prices gained momentum after traders flocked to sell off wheat and lock in profits. Trader noted that corn and soybean posted strong gains early in the morning, on tightening situation caused by recent excessive heat and flooding in parts of U.S. Midwest which have trimmed some yield potential. And the prices plunged prior to the close, giving up earlier gains on spillover pressure from the wheat. Special Report: Global Financial CrisisChicago wheat futures extends losses as weather worries ease - Hydraulic Pumps And MotorsChicago wheat futures extends losses as weather worries ease - Hydraulic Pumps And MotorsChicago wheat futures extends losses as weather worries ease - Hydraulic Pumps And MotorsChicago wheat futures extends losses as weather worries ease - Hydraulic Pumps And MotorsChicago wheat futures extends losses as weather worries ease - Hydraulic Pumps And Motors The e-commerce company in China offers quality products such as Hydraulic Pumps And Motors , China Hydraulic Gear Pump, and more. For more , please visit Sauer Pumps today!
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