CHICAGO: US corn and soybean futures soared on Friday on worries that wetter-than-expected weather next week will extend planting delays and reduce output for the autumn harvest.
Planting remains slow across the US Midwest due to soggy conditions, with further disruptions expected from another round of rain that agricultural meteorologists forecast to start this weekend.
More planting delays could reduce the number of acres farmers sow. Also, key phases of crop development might not happen until the hottest parts of the summer, which could cut yields.
"We're a little worried that we might never see a dry day again here in the Midwest," said Jack Scoville, vice president of Price Futures Group in Chicago.
Chicago Board of Trade December corn, which represent the crop that will be harvested this fall, climbed 1.9 percent to $5.58-1/2 a bushel and closed up 1.5 percent for the week.
New-crop November soybeans rallied 1.9 percent to $13.30-1/4 a bushel to close up 2 percent for the week.
Farmers are watching the skies, with showers expected to cover most of the US Midwest from Saturday to Monday, on Wednesday and Thursday, and over the following weekend, said John Dee, meteorologist for Global Weather Monitoring.
Rains kept growers out of their fields for most of last week, limiting their ability to finish planting corn or catch up on soybeans, the US Department of Agriculture said in a weekly crop progress report released on June 3.
Soybeans were 57 percent planted as of June 1, the slowest rate for that time of year since 1996 and behind the five-year average of 74 percent, according to the government. Corn was 91 percent planted, behind the five-year average of 95 percent.
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