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Chicago agricultural commodities close up

Xinhua, March 21, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed up on Friday with corn, wheat and soybeans rising sharply on short covering as dollar fell Friday.

The most active corn contract for May delivery rose 11.50 cents, or 3.08 percent, to close at 3.85 U.S. dollars per bushel. Wheat for May delivery gained 18 cents, or 3.52 percent, to close at 5. 30 dollars per bushel. May soybeans added 12 cents, or 1. 25 percent, to close at 9.7375 dollars per bushel.

U.S. corn, wheat and soybean futures rallied on Friday as investors were busy with short covering ahead of the weekend on weak dollar, analysts said. The U.S. dollar declined against other major currencies on Friday as investors were still digesting a dovish Federal Reserve policy statement released Wednesday.

The weakness of dollar provided a spark to markets. CBOT floor brokers estimated that funds have bought 21,000 contracts of corn, 6,000 contracts of wheat, and 9,000 contracts of soybeans in the morning of Friday, according to the Chicago-based analysis company Agresource.

Wheat persistently received support from concerns about dryness in the U.S. Plains. The traders were worried about that dryness may damage the development of wheat after the crop's dormancy. Endite