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Chicago agricultural commodities closed higher

Xinhua, February 28, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed higher on Friday with corn, wheat, and soybeans rising.

The most active corn contract for May delivery rose 4.75 cents, or 1.22 percent, to close at 3.9325 U.S. dollars per bushel. Soybeans for May delivery added 5.25 cents, or 0.51 percent, to close at 10.3175 dollars per bushel.Wheat for May delivery gained 12.5 cents, or 2.50 percent, to close at 5.13 dollars per bushel.

All three major agricultural commodities rose as fund buying has provided support for the market, while most of the demand is short covering after the uncertainty of Brazilian soybean supplies through the trucking strike and anticipated trouble at port next week.

The Brazilian government is reporting that the Mato Grosso soybean harvest reached 54 percent, down 5 percent from last year with producers able to harvest 19 percent of the crop last week. 5. 32 million metric tons of Mato Grosso soybeans were cut this week with 15 million metric tons cut to date.

Analysts believe that the few remaining independent truckers in Brazil will soon have the Brazilian government reach out to any of them that will listen to negotiate a settlement.

The weather forecast shows that a break in the bitter cold will occur around March 8th. This is an extended forecast, but due to day to day consistency, analysts'confidence is rising for more normal temperatures evolving during the middle of March. This would be good news for Gulf State and Texas farmers wanting to start their spring planting of small grains and corn. Endite