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Weather in USA Has Mixed Impact on Crops

April 30, 2014 at 22:37 by Vladimir Vyun

Corn fell today on forecast that favorable weather will help US farmers to accelerate planting. Soybean prices declined too. Sowing, which was delayed last week by heavy rains, should resume as forecasters predict dry, warm weather in the United States. The USA is the biggest producer of corn in the world. July futures for corn lost $0.0250 (0.48 percent) to $5.1900 per bushel as of 22:31 GMT on CBoT today. Contract for delivery of soybeans went down $0.0450 (0.30 percent) to $15.1275 per bushel.

Weather was not beneficial for all crops. There were concerns that drought in Texas will hurt cotton output. Specialists are also worried about supply of US wheat. As a result, prices for these agricultural commodities rallied. July cotton added $0.0023 (0.24 percent) to $0.9429 per pound on ICE today. Futures for wheat advanced $0.05 (0.70 percent) to $7.2150 per bushel on CBoT.

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