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Corn & Soybeans Climb, Record Harvest Expected

May 28, 2013 at 20:44 by Vladimir Vyun

Corn and soybeans climbed today on the forecast of excessive rains in the United States. Wet weather may lead to slower planting. According to the US Department of Agriculture, 71 percent of corn and 24 percent of soybeans were planted in the major US growing areas as of May 19, below the five-year average.

At the same time, the USDA predicted that yield will rise. Corn harvest should rise to the record of 359.17 million metric tons this year as acreage was largest since 1936. Soybean output may total 92.26 million tons, another record.

December corn futures climbed $0.0925 (1.41 percent) to $6.6650 per bushel as of 20:41 GMT on CBoT today. July contract for delivery of soybeans jumped as much as $0.33 (2.24 percent) to $15.0925 per bushel.

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