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Chicago wheat higher, soybeans and corn down on bird flu spreading

Xinhua, April 22, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Tuesday with wheat rising, soybeans and corn falling as the market has a bearish feeling for corn and soymeal amid the ongoing spread of bird flu in U.S. Midwest.

The most active corn contract for May delivery lost 5 cents, or 1.32 percent, to close at 3.73 U.S. dollars per bushel. July wheat delivery added 2 cents, or 0.4 percent, to close at 5.0025 dollars per bushel. July soybeans shed 2.75 cents, or 0.28 percent, to close at 9.7675 dollars per bushel.

The U.S. Department of Agriculture (USDA) said on Monday the deadly H5N2 bird flu virus was found at a farm in northwest Iowa's Osceola County. The Farm announced Tuesday the 3.8 million laying hens that it is housing will need to be destroyed. The infection in Iowa that produces one in every five eggs consumed in the country, is the latest to hit eight Midwestern states, where the virus is dooming about 6.3 million chickens and turkeys since March.

"Bird flu is the headline of the day which is pressuring corn and soymeal futures. It's impossible to classify or document the corn and meal feed loss that could be occurring due to avian flu! Our bet is that 2014/15 U.S. corn feed/residual will be cut another 50-150 million Bushels following the June NASS Stocks report which some will blame on avian flu," according to AgResource company, a Chicago-based agricultural research institute.

Wheat prices rallied for a second straight session Tuesday on fund short covering, but capped by favorable world weather. Some analysts note traders are closely watching much improved Russian weather pattern to gauge when their export tax will be retracted.

The Central U.S. midday weather model offers warming temperatures and improved corn planting weather in the last week of April and opening days of May as the jet stream seasonally shifts northward. Endite