Chicago, April 24: Corn and soyabean futures prices rallied Thursday on the Chicago Board of Trade on renewed concern over wet weather, but the mild upturn failed to carry over into wheat and oats."We're just in a choppy weather market here until there's more direction on whether we're going to get the crop planted relatively on time or not," said Dan Cekander of Fimat Futures USA Inc in Chicago.
On other markets, palladium futures prices continued their week-long surge as investors bet political instability in Russia will continue to delay shipments.
Crop prices had fallen Wednesday on forecasts of a warmer, drier weather pattern for the midwest, which would let farmers get into the fields.
But the national weather service's new six- to 10-day outlook calls for rain in the delta and the eastern corn belt, and the plains and western corn belt could see thunder storms this weekend.
Price gains were limited by perceptions of active planting Thursday and Friday, and wheat prices were not hurt by theweather forecasts.
Russia, the world's largest producer of palladium, has not shipped new supplies to Japanese auto and electronics makers since late December.
Russian President Boris Yeltsin and acting prime minister Sergei Kiriyenko have signed export decrees to continue shipments. But the lower parliament, the Duma, has yet to approve Kiriyenko for the permanent post. A third vote is scheduled on Friday, and if Kiriyenko is turned down again, Yeltsin is permitted to dissolve the Duma.
Duma speaker Gennady Seleznyov said Thursday that a majority of communist deputies probably would approve kiriyenko to keep the present Duma in place.
But even if Kiriyenko is approved, the palladium market could remain volatile for weeks, said analyst James Steel of Refco Inc in New York.
It's not all predicted on this vote. There's other bureaucratic difficulties and other obstacles to overcome, Steel said. The market will be very fragile and very volatile for quite a while.
Prices for platinum, which can beused as a substitute in some applications, retreated Thursday, giving up all of Wednesday's gains and more.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.