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

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. May 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 in the week ended April 14.

According to USDA's report, as of April 14, U.S. exporters sold 348,960 metric tons of soybeans for delivery before Aug. 31, more than doubling the 130,191 tons sold a week earlier, and China bought more than 50 percent of the total.

Meanwhile, a total of 206,300 metric tons was sold for the marketing year 2011/2012, bringing the total to 555,300 metric tons, which is much higher than expectation.

The exports of corn for delivery in marketing year 2010/2011 and 2011/2012 amounted to 613,400 metric tons and 243,900 metric tons respectively.

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

Meteorologists said fields from central Arkansas to Detroit may get as much as eight inches (20 centimeters) of rain the next 10 days, keeping soils saturated. Besides, farms from Nebraska to northern Indiana will receive as much as 4 inches of rain, and the cool weather will slow evaporation

Traders said that investors will be monitoring the weather pattern closely in the Midwest during early May to see whether there is a drier pattern that would allow for a more normal planting pace.

As for wheat, although the net export sales was below expectation, the deteriorated crop conditions for the hard red winter wheat crop and slow planting progress has helped support the wheat price.

Statistics showed that the U.S. export of wheat came in at 134, 800 metric tons for the current marketing year and 168,400 for the next marketing.

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Editor:Yang Jie |Source: Xinhua

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