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Chicago agricultural commodities close up

Xinhua, April 2, 2015 Adjust font size:

Chicago Board of Trade agricultural commodities closed up on Wednesday with wheat rebounding on short covering and corn rallying on shrinking domestic ethanol stocks.

The most active corn contract for May delivery rose 5.50 cents, or 1.46 percent, to close at 3.8175 U.S. dollars per bushel. Wheat for May delivery gained 16.75 cents, or 3.27 percent, to close at 5. 285 dollars per bushel. May soybeans added 16.50 cents, or 1.70 percent, to close at 9.8975 dollars per bushel.

Wheat soared on short covering on Wednesday after losing more than 4 percent on Tuesday. Meanwhile, renewed concerns about dryness in the key growing areas also supported wheat, as weather turns sunny and hot in the south Plains.

The floor brokers estimated that funds have bought 4,000 contracts of wheat before midday Wednesday, according to the Chicago-based analysis company Agresource.

The U.S. Energy Information Administration weekly ethanol report released on Wednesday showed a 4-percent drawdown in stocks amid better-than-expected total consumption through the week ending March 27. Analysts said the report is supportive for corn as the crop was usually used to make ethanol in the United States. Endite