Grain and soybean futures were mixed on Wednesday as traders waited for clarity about U.S. planting activity.
Rain has disrupted corn and soybean planting so far this season, and created some concerns about wheat crop quality. But analysts say it is too early to know what, if any, impact that could have on final yield and acreage.
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"Some fields may simply go unplanted this year if conditions do not change quickly," said Karl Setzer, an analyst at MaxYield Cooperative. Were weather to improve, Mr. Setzer said, supplies could nevertheless end up increasing.
The U.S. Department of Agriculture said earlier this week that corn and soybean planting was proceeding at an average pace despite the delays, though new bouts of rain in parts of the Midwest and Delta will mean "very slow" soybean seeding in the week to come, MDA Weather Services said.
Grain and oilseed futures have mostly moved within defined ranges in recent weeks, with traders reluctant to move prices out of those bands while uncertainties linger.
Corn futures for July delivery rose 0.5% to $3.71 1/4 a bushel at the Chicago Board of Trade on Wednesday. Wheat gained 0.7% to close at $4.32 1/2 a bushel.
CBOT July soybeans traded back and forth before closing unchanged at $9.48 1/4 a bushel.
Crude oil futures turned lower on Wednesday. A rally in crude prices through much of May has given support to an otherwise lackluster grain and soybean trade, with a weaker dollar also helping money flow into the sector.
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(END) Dow Jones Newswires
May 24, 2017 16:23 ET (20:23 GMT)