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Chicago agricultural commodities close up

Xinhua, February 6, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed higher on Thursday with corn, wheat and soybeans rising.

The most active corn contract for March delivery rose 1.75 cents, or 0.46 percent, to close at 3.8525 U.S. dollars per bushel. Soybeans for March delivery increased 9.25 cents, or 0.95 percent, to close at 9.8125 dollars per bushel. Wheat for March delivery added 14.75 cents, or 2.89 percent, to close at 5.2575 dollars per bushel.

Analysts said that the supportive of CBOT agriculture commodities was a setback in the U.S. dollar, coupled with strength in crude oil and equity markets. The U.S. dollar declined against most major currencies on Thursday.

Wheat rose as analysts say there is a possibility for Egypt to purchase up to six cargoes of U.S. wheat. The Egyptian Supplies Minister Khaled Hanafi said Thursday that Egypt has a tender for U. S. Wheat to find best price, and Egypt is a main importer of wheat.

Additionally, technical buying also boosted wheat. Analysts noted that CBOT fell nearly 15 percent in January, now is due for bounce after this biggest monthly decline in three years, amid ample world supplies.

As for the soybeans, analysts said it rose as surging Malaysian palm oil futures lifted global vegetable oils markets, including CBOT soyoil. Malaysian palm added more than 5 percent, its biggest single-day gain since October 2010, analysts noted.

The U.S. Department of Agriculture (USDA) reported that for the week ending Jan. 29 that the U.S. sold 14.8 million bushels of wheat, 33.9 million bushels of corn, and 18.0 million bushels of soybeans in the market year of 2014-2015. Export sales of corn, soybeans and wheat were all down from the previous week, analysts noted.

Analysts said that investors will wait for the USDA Outlook Forum's 2015/2016 balance sheets to gauge long term price trends.

The weather forecast for South America is favorable as showers and storms will impact Central and Northern Brazil on Thursday and the rest of the week. The forecast shows soaking rain will fall across the drought-stricken areas of Minas Gerais and Bahia. Endite