Chicago maize prices recover
April 28, 2004
By Reuters
Chicago - In early trade in Chicago yesterday maize for May delivery was up 3.75c at $3.05 (R20.56) a bushel, recovering from recent declines.
Late on Monday the US department of agriculture said 37 percent of the US maize crop had been planted by Sunday.
This was in line with trade estimates and compares with the average pace of 20 percent.
But there was concern that freezing temperatures by the weekend might hurt Illinois and Iowa seedlings.
Increases in wheat prices carried through from Monday, with May delivery up 2c at $3.76.
Wheat traded lower most of the day on Monday but rallied to close strong amid signals the market was technically oversold.
Soyabeans remained volatile and strong overall, influenced by US stocks, which are at their tightest for 27 years, and by continued cuts in estimates for this year's South American crop.
The department of agriculture said the new crop was 5 percent planted, compared with a five-year average 2 percent.
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