Chicago agricultural commodities close higher

The Chicago Board of Trade (CBOT) agricultural commodities closed higher across the board Thursday.

The most active corn contract for May delivery rose 4.75 cents, or 1.24 percent, to close at 3.885 U.S. dollars per bushel. Soybeans for May delivery added 15.75 cents, or 1.56 percent, to close at 10.265 dollars per bushel. May wheat gained 3.25 cents, or 0.65 percent, to close at 5.005 dollars per bushel.

All three major commodities rose as the market focus centered exclusively on roadblocks in Brazil. Analysts say the worst is likely behind, but as China returns from its Lunar New Year holiday, traders are waiting to see what Chinese importers will do in the coming days. No switching to the U.S. has occurred yet, but analysts say the market is adding risk premium due to uncertainty in South America.

Through the week ending last Thursday, U.S. exporters sold a net 28 million bushels of corn, down 9 million from the previous week; 12 million bushels of wheat, up 2 million from the prior week; and 17 million bushels of soybeans, down 2 million. Corn sales were below expectations, while wheat and corn were in line.

Prices were also given support as the U.S. forecast maintains a cooler than normal pattern into March 6-7. The Northern Plains and Great Lake Region are specifically expected to have cooler weather. Moderate to at times heavy snow will fall across the South and Central Plains and Midwest in the next 72 hours. The forecast predicts two to eight inches across Texas, Oklahoma, Kansas, Iowa, Missouri, Illinois, Indiana and Ohio.

Favorably dry weather will persist across central Brazil through the next four to five days and expand into southern Brazil in the 6-10 day period. Major ports in southeast Brazil will see only limited precipitation into mid-March. Endite