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Chicago wheat, corn, soybean futures market closes higher on heavy rains

Xinhua, June 18, 2015 Adjust font size:

Trading of corn, soybeans and wheat futures at Chicago Board of Trade closed higher Wednesday as increasing concerns that rainy weather could delay U.S. planting progress and lower crop yield triggered fund short covering.

The most active corn contract for July delivery added 5.25 cents, or 1.48 percent, to close at 3.5925 U.S. dollars per bushel. July wheat delivery gained 2.5 cents, or 0.51 percent, to close at 4.9125 dollars per bushel. July soybeans rose 11.5 cents, or 1.2 percent, to close at 9.69 dollars per bushel.

Chicago corn has been the upside leader with soybeans following as the decline in U.S. weekly crop ratings is cited, along with the heavy rains brought along after Tropical Storm Bill weakened inland.

The U.S. Department of Agriculture (USDA) said early this week that about 73 percent of the corn crop was in good to excellent condition as of June 14, down 1 percentage points from the preceding week.

Nearly 67 percent of the soybean crop was in good to excellent condition as of June 14, according to the USDA, down 2 percentage points from the prior week and compared to 73 percent in the year- earlier period.

Almost 87 percent of the soybean crop was planted as of last week, down 4 percentage points from the level of the crop was planted in the same week a year earlier.

Chicago wheat snapped its five session of losing streak Wednesday as U.S. wheat harvest was also delayed by recent wet weather. The USDA figures showed that nearly 11 percent of the U.S. winter-wheat crop was harvested as of June 14, compared to 4 percent a week earlier. But some 15 percent of the crop was harvested in the same week a year earlier, while the five-year average for this time of year is 20 percent. Endite