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Bad Weather Bolsters Corn & Wheat, Doesn’t Help Soybeans

May 16, 2011 at 22:36 by Vladimir Vyun

Corn and wheat gained today as heavy rains in the US slowed planting and are expected to decrease output. Soybeans declined.

The High Plains Regional Climate Center informed that precipitation in parts of Illinois, Indiana and Ohio was two times the average amount in the past month. Fields in the Mississippi River delta area are experiencing floods. The US Department of Agriculture reported that the rate of corn planting was about a half of the previous year’s pace as of May 8, while wheat sowing also lagged.

Soybeans performed totally different even as US crops were also threatened by bad weather. There are plenty of supplies from other countries, especially from Brazil, where record harvest is expected.

July futures for corn delivery rose $0.155 (2.3 percent) to $6.975 per bushel by 13:15 on CBoT. July futures for wheat delivery gained $0.0875 (1.2 percent) to $7.365 per bushel. July futures for soybean delivery dropped $0.03 (0.2 percent) to $13.265 per bushel.

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