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Chicago wheat rebounds on disappointing crop reports, soybean settles lower

Xinhua, May 7, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat futures rebounded sharply on Wednesday as reports from Canada and Kansas, the top wheat-growing state of the U.S., were disappointing. Corn futures were also up, while soybean settled down slightly.

The most active corn contract for July delivery added 4 cents, or 1.10 percent, to close at 3.6675 U.S. dollars per bushel. Wheat for July delivery rose 12.75 cents, or 2.73 percent, to close at 4. 7925 dollars per bushel. July soybeans fell 2.25 cents, or 0.23 percent, to settle at 9.825 dollars per bushel.

A further fall in the US dollar index Wednesday were bullish for the CBOT as it made U.S. crops cheaper, analysts noted, adding that additional short covering was seen in the market. CBOT floor brokers estimate that funds have bought 8,000 contracts of corn, 5, 000 contracts of wheat, and 4,200 contracts of soybeans, according the Chicago-based Research Institute company Agresource.

Disappointing crop reports from Canada and Kansas helps wheat gain more Wednesday, analysts said.

The Wheat Quality Council tour of Kansas projected an average yield for wheat in north Kansas of 34.3 bushels per acre, down from 34.7 bushels last year, worse than anticipated and this continues to be a bullish factor for wheat.

Meanwhile, Canadian wheat inventories, as of the end of March, fell 25 percent year on year to 16.73 million tonnes, the research institute Agrimoney said Wednesday, citing Statistics Canada data. Endite