Chicago grains post big gains amid sluggish crop planting

CHICAGO, May 18 (Xinhua): Chicago grains yesterday enjoyed sharp gains, as a government report showed that the U.S. crop planting progress is still slow due to adverse weather, which threatened to cut the crop yield in the next year. The most active corn contract for July delivery hiked 22.75 U.S. cents, or 3.26 per cent, to close at 7.2025 U.S. dollars per bushel. July wheat gained 27.5 cents, or 3.7 per cent, to 7.64 dollars per bushel. July soybean climbed 14.5 cents, or 0.23 per cent, to 13.41 dollars per bushel. Market analysts said the planting progress is the biggest concern for investors, as U.S. Department of Agriculture (USDA)'s report showed that the progress is far from the historical average level. Meanwhile, the deteriorating quality of U.S. winter wheat and drier weather in EU also added to the positive tone in the wheat market.