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Chicago wheat up on more rains, corn, soybean down

Xinhua, May 21, 2015 Adjust font size:

Wheat was slightly higher on renewed concerns about crop damage amid excessive rains, while corn and soybean fell Wednesday on Chicago Board of Trade.

The most active corn contract for July delivery fell 2 cents, or 0.55 percent, to 3.6 U.S. dollars per bushel. Wheat for July delivery gained 2.75 cents, or 0.54 percent, to 5.13 dollars per bushel. July soybeans lost 5 cents, or 0.53 percent, to 9.4125 dollars per bushel.

Worries that too much rain in the U.S. plains might hurt wheat boosted wheat, analysts said. But the rain would be bearish for corn and soybean as it will facilitate the growth of corn and soybean.

Meanwhile, the weekly Ethanol Plant Production Report released on Wednesday was supportive for corn, helping cushion some losses of the grain. About 40 percent of corn produced in the United States is used to produce ethanol.

According to the report, fuel ethanol ended May 15 was 958 thousand barrels per day, higher than previous week and total stocks was 20,434 thousand barrels, up 135 thousand barrels from last week. Endite