Chicago grains post big gains amid sluggish crop planting

07:50, May 18, 2011      

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Chicago grains on Tuesday enjoyed sharp gains, as a government report showed that the U.S. crop planting progress is still slow due to adverse weather, which threatened to cut the crop yield in the next year.

The most active corn contract for July delivery hiked 22.75 U.S. cents, or 3.26 percent, to close at 7.2025 U.S. dollars per bushel. July wheat gained 27.5 cents, or 3.7 percent, to 7.64 dollars per bushel. July soybean climbed 14.5 cents, or 0.23 percent, to 13.41 dollars per bushel.

Market analysts said the planting progress is the biggest concern for investors, as U.S. Department of Agriculture (USDA)'s report showed that the crops' progress is far from the historical average level.

It is widely believed that the recent wet weathers in U.S. crop planting areas have affected the field working and slowed the planting progress, added analysts. Rain in parts of Illinois, Indiana and Ohio was twice the normal amount in the past month and a section of the Mississippi River has been closed indefinitely due to high waters.

According to USDA's report, 63 percent of corn crop was planted in the week ended May 15, much lower than that in the last year and the historical average level. Besides, the planting progress for spring wheat and soybeans in the last week only arrived at 36 percent and 22 percent, respectively.

Meanwhile, the deteriorating quality of U.S. winter wheat and drier weather in France also added to the positive tone in the wheat market.

Source: Xinhua
 
 
     
 
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