Chicago agricultural commodities close higher

Chicago Board of Trade (CBOT) agricultural commodities on Monday closed higher across the board.

The most active corn contract for March delivery rose 5.5 cents, or 1.43 percent, to close at 3.9125 U.S. dollars per bushel. Soybeans for March delivery gained 5 cents, or 0.51 percent, to close at 9.785 dollars per bushel. Wheat for March delivery added 2.75 cents, or 0.52 percent, to close at 5.2975 dollars per bushel.

Corn, soybeans, and wheat all rose as the U.S. Department of Agriculture (USDA) February crop report is due out on Tuesday. Few believe it will have much impact but it is agreed that investors will wait for the USDA Outlook Forum's 2015/2016 balance sheets to gauge long term price trends. Analysts say that a rise in net production is expected in South America, while U.S. corn and soybean use could be lifted 10-to-25 million bushels. No change is expected in the U.S. wheat balance sheet.

Through the week ending last Thursday, U.S. exporters shipped 27.6 million bushels of corn, 14.6 million bushels of wheat and 54. 6 million bushels of soybeans. This is as expected and analysts say it had little impact on trading.

The weather forecast predicts steady light showers across Brazil through the next ten days. This is favorable for crops and the U.S. is likely to boost Brazilian and Argentinean crop yields in future reports. The weather forecast for the U.S. shows that East U.S. would be cooler than normal, but mild temperatures would persist across most of the South Midwest. Enditem