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Chicago agricultural commodities closed higher

Xinhua, April 17, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities ended higher Thursday, with wheat rebounded on fund short coverings, while soybeans supported by better-than-expected weekly export sales.

The most active corn contract for May delivery added 0.25 cents, or 0.07 percent, to close at 3.7625 U.S. dollars per bushel. Wheat for July delivery gained 1.75 cents, or 0.36 percent, to close at 4.9075 dollars per bushel. May soybeans was up 1 cents, or 0.10 percent, to close at 9.66 dollars per bushel.

Analysts said that wheat rebounded on fund short covering as the crop decreased for a third straight session Wednesday to a new four-week low and the U.S. dollar dropped against other currencies Thursday. Corn and soybean also extended their gains for short covering for the cheaper dollar.

More funds short covering rallies for corn, wheat and soybeans can be expected, predicted Agresource, a Chicago-based agriculture research institute in its daily newsletter.

Soybeans found further support from weekly export sales of the U.S. Department of Agriculture, which reported Thursday that for the period April 3-9, the net sales of soybeans is 312,600 metric tons for 2014/2015, which was up noticeably from the previous week and from the prior 4-week average. Endite