April 24 (Bloomberg) -- Corn rose in Chicago, reversing an earlier decline amid speculation sowing delays in the U.S. caused by cold and wet weather will reduce the planted area.
U.S. farmers may plant 96.7 million acres of corn this year, from a previous forecast of 97.4 million acres, on continued cool and wet weather and likely planting delays, Lanworth Inc. wrote in a report today. Cooler and wetter conditions may return to the eastern U.S. Plains and the Midwest within six to 10 days after a warmer period at the start of next week, DTN forecast.
"Should unusually cold and/or wheat conditions through May slow planting progress beyond Lanworth’s expectations, disproportionate losses would likely occur to corn area," the crop forecaster wrote.
Corn for delivery in July added 0.3 percent to $6.16 a bushel by 8:26 a.m. on the Chicago Board of Trade on volume near the average for the past 100 days for that time of day. The grain earlier fell to $6.10, the lowest since June 26 for a most-active contract.
Lanworth raised its outlook for corn yields by 2 percent to 158.1 bushels per acre, citing recent precipitation.
Wheat for delivery in July added 0.1 percent to $6.96 a bushel in Chicago. Milling wheat for delivery in November traded on NYSE Liffe in Paris fell 0.4 percent to 209 euros ($271.49) a metric ton.
Soybeans for delivery in July were little changed at $13.5875 a bushel in Chicago.
--With assistance from Daryna Krasnolutska in Kiev, Marina Sysoyeva in Moscow and Luzi Ann Javier in Singapore. Editors: Claudia Carpenter, Rudy Ruitenberg
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