Crop Futures Gain as Cold and Wet U.S. Weather May Delay Harvest

October 16th, 2013

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Category: Grains, Miscellaneous, Oilseeds

(Bloomberg) – Corn rose for a third day in Chicago and soybeans gained on speculation the U.S. harvest may slow amid cold, wet weather in central areas of the country.

Southern Nebraska and central Kansas were at risk of frost or freezing weather this morning and may see frost tomorrow, National Weather Service data show. Western and northern areas of the Midwest had an inch (2.5 centimeters) of rain or more in the past week. While farmers are gathering corn and soybeans, the U.S. Department of Agriculture hasn’t issued harvest-progress data since the government shutdown began this month.

“It’s a bit wet in the States and there’s a bit of a frost risk,” Dave Norris, an independent grain broker in Harrogate, England, said by telephone today. “Everyone is completely starved of data with the USDA shut down and wondering what the harvest is doing.”

Corn for delivery in December climbed 0.2 percent to $4.445 a bushel at 5:21 a.m. on the Chicago Board of Trade, after rising 2.4 percent in the prior two days. The grain slumped 36 percent this year on expectations U.S. production will reach a record 13.84 billion bushels, recovering from 2012’s drought.

Soybeans for delivery in November gained 0.5 percent to $12.7325 a bushel. The most-active contract dropped 9.7 percent this year.

Much of the Midwest will be drier later this week and next week, MDA Information Systems LLC said yesterday. Northern areas, including parts of Minnesota, Wisconsin and Michigan, may see the first snow of the season this weekend as temperatures drop, AccuWeather Inc. said.

Wheat for delivery in December rose 0.1 percent to $6.8675 a bushel. Milling wheat for delivery in November fell 0.3 percent to 199 euros ($269) a metric ton on NYSE Liffe in Paris.

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