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Grains Rally During Monday’s Trading

September 21, 2015 at 23:01 by Vladimir Vyun

Prices for grains rallied today due to short-covering. Additionally, weather forecasts predicted dry weather in the key growing areas of the United States as well as in Russia. This means potentially smaller harvest.

The US Department of Agriculture released its estimate of crop progress. It showed that the quality of US corn and soybeans was worse this year compared to the previous one. Just 68 percent of corn was in good or excellent condition in 2015 versus 74 percent in the same period a year ago. As for soybeans, 63 percent of the crop was in good or excellent condition by the end of last week compared to 71 percent in 2014.

December futures for delivery of corn climbed 1.92 percent to $3.845 per bushel as of 22:55 GMT on CBoT today. Wheat gained as much as 2.05 percent to $4.9675 per bushel. November soybeans advanced 0.81 percent to $8.7425 per bushel.

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