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Wheat & Corn Drop, Soybeans Escape Losses

April 28, 2015 at 11:43 by Vladimir Vyun

Futures for wheat dropped today after yesterday’s bearish report from the US Department of Agriculture that showed rapid acceleration of the planting progress. Prices for corn fell as well while soybeans managed to log gains.

The USDA reported that 55 percent of spring wheat was planted as of April 26, a sharp increase from 36 percent a week ago. During the same period in the previous year, just 17 percent of the crop was planted. On top of that, the agency said that 42 percent of winter wheat was rated good or excellent compared to 33 percent a year ago.

July futures for delivery of wheat declined 0.32 percent to $4.7175 per bushel as of 11:39 GMT on CBoT today. Contract for delivery of corn lost 0.27 percent of its value to trade at $3.6375 per bushel. At the same time, soybeans gained 0.44 percent to $9.7725 per bushel.

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