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Chicago agricultural commodities rebounds

Xinhua, February 4, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities on Tuesday closed higher after touching a multi-month low in the previous session.

The most active corn contract for March delivery rose 16 cents, or 4.33 percent, to close at 3.8575 U.S. dollars per bushel. Soybeans for March delivery added 27.5 cents, or 2.87 percent, to close at 9.87 dollars per bushel. Wheat for March delivery gained 21 cents, or 4.26 percent, to close at 5.1375 dollars per bushel.

With wheat trading on track to four-month low, exporters have seen a surge in demand.

On Tuesday, Corn, soybeans and wheat posted sharp gains as funds quickly liquidated net short positions. Analysts said that producers are advancing sales on the rally, which helped the liquidity on Tuesday.

Funds have bought 21,000 contracts of corn,8,000 contracts of wheat, and 14,000 contracts of soybeans, according to chicago- based agency Agresource.

Trades are also awaiting a key report of the USDA Outlook Forum new crop balance sheets due to be released on Feb. 19.

Weather will remain favorable in South American for the next 14 days, with rain expected to hit Argentina for a day or two. Endite