CHICAGO, May 20 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled sharply higher across the board as more wet weather is moving toward the U.S. Midwest and plains, further disrupting already delayed seeding and even causing flooding.
The most active corn contract for July delivery was up 5.75 cents, or 1.5 percent to 3.89 U.S. dollars per bushel. July wheat was up 13.25 cents, or 2.85 percent to 4.7825 dollars per bushel. July soybeans were up 10 cents, or 1.22 percent to 8.3175 dollars per bushel.
Forecasts show that wet weather pattern will prevail again this week in the Midwest corn belt and wheat growing plains.
A potent spring storm system is expected to produce an outbreak of severe weather in parts of the U.S. plains on Monday, with large hail, damaging winds and flash flooding, the U.S. National Weather Service has warned. Tornadoes are likely to hit parts of Texas and Oklahoma.
"We're worried about damage (to wheat)," said Ted Seifried, market analyst with Zaner Ag Hedge.
Meanwhile, wet weather this week will further prevent farmers from planting in several states, including parts of Iowa, Illinois, Kansas and Missouri.
On Monday, the U.S. Department of Agriculture released its 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.
Meanwhile, only 19 percent of U.S. soybeans were in the ground, well behind the five-year average of 47 percent. Enditem
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