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Chicago grains rally on U.S. wet weather, export expansion

04-22-2011 15:00 BJT

CHICAGO, April 21 (Xinhua) -- Chicago grains rallied on expansion in U.S. agricultural exports as well as the speculation that wet and cold weather across the U.S. Midwest will block grain planting and reduce yields.

The most active corn contract for July delivery climbed four cents, or 0.53 percent, to close at 7.445 U.S. dollars per bushel. July wheat hiked 14 cents, or 1.7 percent, to 8.3475 dollars per bushel. July soybean increased 20.5 cents, or 1.5 percent, to 13. 8975 dollars per bushel.

Market analysts said that the rally in U.S. exports has indicated a strong demand around the world. U.S. Department of Agriculture (USDA) on Thursday published the weekly export report, which showed that both U.S. corn and soybeans enjoyed big expansion.

Besides, the markets are watching the extended planting delays in the Midwest, which are suffered wet and cold weathers in the recent period and as a result, a reduction in yield is expected.

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Editor:Yang Jie |Source: Xinhua

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