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CBOT wheat surges on weak crop tour results; corn, soy edge higher

Xinhua, May 9, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat rose sharply Friday on reports of poor yields from a crop tour of Kansas, the top state producer for the grain, while corn and soybeans eked out slight gains.

The most active corn contract for July delivery add 1.5 cents, or 0.41 percent, to close at 3.63 U.S. dollars per bushel. Wheat for July delivery rose 8.75 cents, or 1.85 percent, to close at 4. 815 dollars per bushel. July soybeans gained 1.25 cents, or 0.13 percent, to close at 9.7625 dollars per bushel.

After concluding its annual wheat tour in Kansas, the Wheat Quality Council estimated the state's hard read winter wheat production at 288.5 million bushels, above the last year's official output of 246.4 million bushels but below the five-year crop tour average of 313.6 million bushels. The crop tour results buoyed wheat markets, analysts said. Meanwhile, bargain buying following a 1.36-percent decline on Thursday also supported wheat. Endite