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Wheat Maintains Bearishness, Corn Trades Flat

May 30, 2014 at 11:03 by Vladimir Vyun

Wheat maintained its bearish trend as the outlook for weather conditions in the United States remains positive. The regions that have suffered from drought already received rains and it is expected that precipitation will increase next week. The US Department of Agriculture reported that 30 percent of winter wheat crop was in good or excellent condition last week compare to 29 percent in the preceding week. July futures for delivery of wheat dropped $0.0250 (0.40 percent) to $6.3000 per bushel as of 10:55 GMT on CBoT today.

Corn rallied earlier on the current trading session but erased gains by now, trading flat. The grain advanced on speculations that the recent drop of prices should increase demand. At the same time, weather forecasts put downside pressure on prices. Corn was little changed at $4.6925 per bushel today.

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