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Wheat Advances, Corn & Soybeans Join Rally

June 19, 2014 at 16:56 by Vladimir Vyun

Wheat rallied today on concerns about excessive rainfall in the United States. Previously, it was expected that rains will boost yield. Yet now experts are worried that rainy weather will hurt quality of crops and delay harvest.

Most other agricultural commodities were also rising today. Among gainers were corn and soybeans. Soybeans also fell previously due to belief that weather will help crops, but now the oilseed reversed its decline.

September futures for delivery of wheat rose $0.0050 (0.08 percent) to $5.9675 per bushel as of 16:53 GMT on CBoT today. December contract for corn surged $0.0700 (1.59 percent) to $4.4650 per bushel. November soybeans went up $0.1175 (0.97 percent) to $12.2475 per bushel.

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