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Wheat Rallies on Weather Concerns, Corn & Soybean Drop

May 17, 2018 at 19:14 by Vladimir Vyun

Futures for wheat rallied today amid concerns about impact that weather may have on winter crop. Prices for corn and soybean declined.

Market participants worried that drought in parts of the United States may hurt yield. Weather in Russia was also adverse to the crop. Meanwhile in Australia, the worst drought in years made 2017–18 output the lowest in a decade.

Traders watched for trade talks between the United States and China, fearing that unsuccessful negotiations can lead to trade wars. That was a possible reason for the poor performance of grains with the exception of wheat.

Contract for delivery of wheat in July rallied 0.66% to $4.975 per bushel as of 19:06 GMT on CBoT today. At the same time, corn dropped as much as 1% to $3.9525 per bushel, while soybean declined 0.48% to $9.95 per bushel.

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