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Wet Weather Weakens Wheat, Boosts Corn

June 1, 2011 at 23:42 by Vladimir Vyun

Futures on wheat slid today as the wet weather in Europe may boost crops, while Russia plans to lift its ban on exports. Rains improved prospects for harvest in Germany and may help crops in France this week. Russia, one of the biggest exporters of wheat in the world, will renew exports on July 1. July contract for wheat delivery slipped $0.23 (2.9 percent) to $7.5925 per bushel as of 13:15 on CBoT.

Rains in the US had opposite effect on corn, slowing planting and boosting the commodity. The government report said yesterday that 86 percent of the crop was planted by May 29, compared to the five-year average of 95 percent. Midwest had strongest rains and farmers of the region may decide to take insurance instead of planting. Futures on corn for delivery in July gained as much as $0.11 (1.5 percent) to $7.585 per bushel.

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