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Weather Forecasts Send Corn & Wheat Prices Lower

May 20, 2014 at 19:16 by Vladimir Vyun

Corn futures declined today on speculations that weather in the United States will be favorable for crops. Forecasters predict dry, warm weather for the rest of the week, and it should help US farmers to plant faster. According to the estimates of the US Department of Agriculture, the progress of planting was at 73 percent by the end of the last week, compared to 65 in the same period a year ago. It is also expected that El Nino will lead to a big harvest.

Wheat prices also declined today on the prospects of high yield. Whatever hopes for rebound some traders might have, they does not look warranted now, though in case the El Nino weather event has a negative impact on crops bounce of price may be possible.

July futures for delivery of wheat declined $0.0375 (0.79 percent) to $4.7350 per bushel as of 19:07 GMT on CBoT today. Contract for delivery of wheat lost $0.0400 (0.59 percent) to $6.7050 per bushel.

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