Wheat, soybeans slip; corn stable
Wheat futures fell to the lowest price in more than a week as planting of winter varieties progresses in the U.S., the world's biggest exporter of the grain, amid ample soil moisture that has improved crop prospects. Corn was little changed, while soybeans declined.
About 91% of winter wheat in the U.S. was planted as of Sunday, versus the five-year average of 90%, according to the Department of Agriculture. As much as three times the normal amount of rain has fallen in parts of Kansas, the biggest U.S. wheat producer, in the past month, National Weather Service data show. That will improve soil moisture in areas where drought has curbed yields for the past three years. In parts of Kentucky and Tennessee, rainfall has boosted prospects for recently planted soft-wheat crops that are used to make cookies and cakes.
"They've been sowing a lot of wheat," said Dewey Strickler, the president of Ag Watch Market Advisors in Franklin, Ky. "Most guys I've talked with in the Midwest are not looking to plant as many wheat acres. That's not unexpected, it's more of a crop rotation thing. But when you go out onto the highway you're seeing a lot of wheat" planting progressing, he said.
Chicago Board of Trade wheat futures for December delivery fell 3 1/2 cents, or 0.5%, to $6.59 1/4 a bushel in Chicago.
Corn futures for December delivery was unchanged at $4.26 1/4 a bushel on the CBOT. Soybean futures for November delivery fell 2 cents, or 0.2%, to $12.62 a bushel.
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(END) Dow Jones Newswires
November 05, 2013 10:47 ET (15:47 GMT)
DJ Wheat Falls on Planting Progress, Wet Weather; Soybeans Drop->copyright