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Chicago: corn and wheat slightly higher, soybeans drop

The course of the corn and of the wheat traded in Chicago rose slightly Tuesday, as investors predict that precipitation will slow planting. Soybeans have a little receded.

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According to a weekly report released Monday evening by the u.s. department of Agriculture, plantings of corn were made in the 17 may to the tune of 80%, and those of soybeans to the tune of 53%. "It's a little less than expected by analysts but it is largely in advance compared to the average of the last five years," says Steve Georgy of the brokerage Allendale. However, he adds, "with all that has fallen these last few days in the Midwest, we could see a slowdown in certain".

seedlings of wheat red hard spring were made at the rate of 60%, as expected by analysts, but lagged behind the average of the last five years. The quality of the harvest of winter wheat is also a bit deteriorated.

No announcement of sales to china

To Brian Hoops of Midwest Market Solutions, the course of the soybeans are "a little under pressure because of the absence of the announcement of sales to China". "There were rumors on the purchase by China of two or three cargos of soybean, but for the moment it is still waiting for the confirmation," he explains.

bushel of corn (about 25 kg) for delivery in July, the most traded, ended Tuesday at 3,2125 dollars against 3,2075 dollars at the previous close (+0,16%). A bushel of wheat for delivery in July, the most active, finished at 4,9875 dollars against 4,9700 dollars Monday (+0,35%). A bushel of soybeans for delivery in July, the most traded, finished 8,4250 dollars against 8,4500 dollars the day before at the closing (-0,30%).

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