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Market Recap - Tue, May 17 2011

Corn
 

US corn futures finish sharply higher on concerns farmers will plant fewer acres than they previously intended due to excessive rains. Farmers are struggling to sow the crop in the eastern Midwest and northern
Plains and may give up on planting unless the weather clears up. If corn is planted late, the crop produces lower yields because it must develop during the peak of summer heat. "We're running out of time," says Bill Gentry, analyst for Risk Management Commodities. CBOT July corn jumps 22 3/4c to $7.20 1/4 a bushel.



Wheat


US wheat futures finish up sharply on worries harsh weather will reduce harvests. Excessive rains are slowing planting of spring wheat in the northern Plains and threatening the quality of soft red winter wheat in the Midwest. Drought already has slashed the harvest of hard red winter wheat in the southern Plains. Western Europe also is dealing with dryness and heat. CBOT July wheat surges 27 1/2c to $7.64 a bushel; KCBT July jumps 18 1/2c to $8.94 1/2; MGE July climbs 26c, or 2.9%, to $9.36 1/4.

Soybeans


US soybean futures finish higher, finding strength after trading in both positive and negative territory. The market bounced in unison with neighboring grains, buoyed by reminders of tight supply particularly in the face of a lagging planting pace in the eastern Midwest, analysts say. Futures bounced higher later in the day, with the trimming of losses in crude oil, soaring grain prices and the inability of soybeans to attract sellers at the bottom of a recent trading range uncovering fresh speculative buying, analysts said. CBOT July soy ends up 1.1% at $13.41 a bushel.

Soybean Meal/Oil


Soy product futures ended higher, retracing earlier losses in unison with soybean futures. Soyoil was also influenced by the volatile movements in energy futures, in step with crude oil's midday drop and rebounding once crude began to trim its declines, analysts said. CBOT July soyoil ended 0.2% higher at 56.04c/pound; July soymeal ends 1.4% higher at $350.40/Short Ton.

Rice


US rice futures finish stronger as the grain markets extend gains on weather concerns. Rains and floods are delaying planting in the South. The USDA confirmed the disruptions, saying farmers had sown 69% of the crop as of Sunday, below the average of 83% for that time of year. The crop was rated 54% good to excellent, down from 64% a year ago. CBOT July rice rises 28 1/2c to 14.39 per hundredweight.

  

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