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Chicago corn, soybeans, wheat post gains on short covering

Xinhua, March 10, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities on Monday bounced off from last week's decline on short-covering ahead of a monthly U.S. government crop report.

The most active corn contract for May delivery rose 2.75 cents, or 0.71 percent, to close at 3.8875 U.S. dollars per bushel. May wheat delivery added 7.5 cents, or 1.55 percent, to close at 4.90 dollars per bushel. May soybeans gained 8.25 cents, or 0.84 percent, to close at 9.9325 dollars per bushel.

Corn, soybeans and wheat all post gains on technical buying ahead of the World Agricultural Supply and Demand Estimates (WASDE) report by U.S. Department of Agriculture (USDA) due out on Tuesday.

"Rallies ahead of key USDA reports have been commonplace in recent months. we doubt that the WASDE will offer any startling bullish data, and that prices could sink into the late week as U.S. soybeans export demand wanes," according to AgResource company, a Chicago-based agricultural research institute.

The U.S. weekly export inspections released by USDA on Monday showed that corn shipping pace was above expectations while soybeans and wheat were a tad disappointing.

Soybean inspections through the week ending March 5 totaled 0. 62 million metric tons, down 3.8 percent from the prior week. Corn shipments totaled 1.18 million metric tons, down 7.9 percent from the previous week. Wheat shipments totaled 0.38 million tons, down 21.7 percent from the previous week.

The U.S. weather forecast showed that a slow moving storm system grinds eastward this week from the Southwest Gulf Coast to the Northeast U.S., bringing moderate to heavy rain later this week, halting some corn seeding. Endite