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Grains Today: Corn Rebounds, Wheat Maintains Bearishness

May 28, 2014 at 23:35 by Vladimir Vyun

Corn gained today, rebounding from the multi-week low, on speculations that demand for US crops should grow. The US Department of Agriculture reported that the amount of corn inspected for export last week was the highest for this period since 2010. Previously, prices for the grain dipped to the lowest level in 12 weeks, falling 9 percent over May. July futures for delivery of corn advanced $0.0275 (0.59 percent) to $4.7250 per bushel on CBoT today following the drop to $4.665, the lowest price for the most-active contract since March 4.

Wheat, on the other hand, maintained bearishness as US farmers accelerated planting. The USDA reported that 74 percent of the crops were planted last week, compared to 49 percent the week before. Additionally, the grain dropped as the situation in Ukraine looks calmer, reducing chances for supply disruptions from the country as well as from Russia. Contract for delivery of wheat lost $0.0225 (0.35 percent) to $6.3875 per bushel.

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