CBOT corn extends gains over weather delayed planting

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CHICAGO, May 21 (Xinhua) -- Chicago Board of Trade (CBOT) crop futures settled mixed on Tuesday, with corn posting gains for a seventh session in a row, boosted by wet weather delayed planting.

The most active corn contract for July delivery was up 5.25 cents, or 1.35 percent to 3.9425 U.S. dollars per bushel. July wheat was up 0.5 cent, or 0.1 percent to 4.7825 dollars per bushel. July soybeans were down 9.75 cents, or 1.17 percent to 8.22 dollars per bushel.

U.S. Department of Agriculture (USDA) on Monday released the latest crop progress report for the week ending May 19, showing only 49 percent of corn was seeded in the United States, compared with the 2014-2018 average of 80 percent.

Forecasts show that wet weather pattern prevail again this week in the Midwest corn belt, which may further delay corn seeding.

CBOT floor traders estimated that funds bought 12,400 contracts of corn during the session, pushing the corn prices to nearly 4 dollars per bushel, a one-year high.

Soybean futures also gained during the morning trading on delayed planting progress. However, reports that USDA is preparing a new aid package for U.S. soy farmers reversed the uptrend.

According to Bloomberg, the USDA will soon announce another round of aid for soy farmers amid escalating trade tensions with China, and the payments will be "more generous" than last year.

The reported new aid package, said some market analysts, may potentially boost soybean acres, thus pressure CBOT soybean futures. Enditem

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