Corn pops on late planting nerves
U.S. corn futures rose Friday on worries about a cold, wet spring delaying corn planting in the Midwest.
Chicago Board of Trade May corn settled up 7 1/2 cents or 1.2% at $6.52 a bushel.
After a major storm in the Midwest this week, another rain system is expected to move across the region early next week, continuing the recent spate of unfavorable weather for corn planting.
Late corn planting can reduce the expected yield of the crop, and planting delays could lead some farmers to plant soybeans instead of corn, reducing corn supplies this fall, traders said.
Concern about the delays will become more severe if planting is pushed beyond early May, traders said.
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Soybean futures fell on the expectations for some farmers to switch from corn to soybeans, boosting supplies of the oilseed after the fall harvest.
Wheat futures rose on concerns about frost damage to Plains crops on Friday morning, after temperatures fell well into the 20s Fahrenheit in parts of Kansas, Oklahoma and Texas.
May soybeans fell 2 1/4 cents or 0.2% to $14.28 1/4 a bushel. CBOT May wheat rose 6 1/4 cents or 0.9% to $7.09 a bushel.
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(END) Dow Jones Newswires
April 19, 2013 14:35 ET (18:35 GMT)
DJ U.S. Corn Futures Settle Up On Planting Delay Worries->copyright
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