US soyabean futures soared on Friday as investors worried that wetter-than-expected weather next week will continue to disrupt planting and reduce the size of the autumn harvest. Corn futures also traded higher, while wheat sagged. Plantings of soyabeans remain slow across the US Midwest, with further delays 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. Chicago Board of Trade November soyabeans, which represent the crop that will be harvested this fall, were up 1.7 percent at $13.27-1/4 a bushel by 12:45 pm CDT (1740 GMT). New-crop December corn gained 1.5 percent to $5.56-1/4 a bushel.
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. Soyabeans 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.
The USDA will issue an update on planting progress on June 10 and on grain supplies and demand on June 12. In the monthly supply/demand report, the government is not expected to make major changes to its forecast for soyabean supplies at the end of the crop's marketing year on August 31, 2014, according to a Reuters poll.
Gains in front-month soyabean and corn futures were limited by index funds rolling out of positions in nearby contracts, traders said. July soyabeans edged up 0.2 percent to $15.30-1/2 a bushel, while July corn rose 0.5 percent to $6.66-1/4 a bushel. July soyabeans are up 1 percent for the week, the sixth straight weekly gain. The contract's last run of six or more straight weekly gains ended in the first week of March 2012. Wheat futures were little changed, with the front-month July contract sliding 0.3 percent to $6.96 a bushel.
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