Grains Decline on Rapid U.S. Planting Progress; Soybeans Rise
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Corn capped the longest slump in more than a month and wheat fell to a six-week low on signs that warm, dry weather will allow U.S. farmers to accelerate planting delayed by a cold, wet April. Soybeans rose.
More than 75 percent of the Midwest, the main growing region, avoided light showers that fell in the past 24 hours, World Weather Inc. said in a report today. While rain will be more widespread May 18 to May 21, the region will be mostly dry from May 24 to May 30, allowing active planting, the forecaster said. Corn sowing was 28 percent complete on May 12, more than double a week earlier, the government reported. The U.S. is the world’s largest grain exporter.