Corn Halts Rally as Farmers Sell; Soybeans Drop; Wheat Advances
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Corn futures fell from a four-week high on speculation that U.S. farmers boosted sales of grain harvested in 2012 and that drier weather will help ease planting delays for this year’s crop. Soybeans also dropped, while wheat rose.
Average cash-corn prices jumped 6.2 percent yesterday after rain limited planting to the slowest pace since 1984, government data show. Greg Grow, the director of agribusiness for Archer Financial Services Inc., said some clients sold the grain after the rally. Warm, dry weather in the western Midwest in the next two days, and dry weather from Kentucky to Michigan through May 4, will firm soils for planting equipment before rain returns, Bethesda, Maryland-based Commodity Weather Group LLC predicted inn a report.