Wednesday, May 9, 2007

Soybeans Rise as Drier U.S. Weather May Stop Farmers From Switching Corn

(Bloomberg) -- Soybeans in Chicago rose for the first time in six sessions on speculation dry weather will help U.S. farmers finish seeding corn, reducing the number of acres that may be switched to the nation's second-biggest crop.

Dry, warm weather through May 16 will firm muddy soils for heavy farm machinery, allowing farmers to accelerate planting, said Mike Tannura, a meteorologist for T-Storm Weather in Champaign, Illinois. Farmers told the government in March they planned to cut soybean acres to an 11-year low while increasing corn acreage to the highest since 1944.


Read more at Bloomberg Commodities News

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