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Chicago agricultural commodities up on short covering, Argentine worker strikes

Xinhua, May 19, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat settled up sharply Monday on short covering, while corn and soybean also higher.

The most active corn contract for July delivery rose 2.5 cents, or 0.68 percent, to close at 3.68 U.S. dollars per bushel. Wheat for July delivery added 10.75 cents, or 2.10 percent, to close at 5.2175 dollars per bushel. July soybeans gained 1.25 cents, or 0. 13 percent, to close at 9.545 dollars per bushel.

Short covering on weather concerns pushed up wheat futures as heavy rains in the U.S. Plains could damage maturing wheat and spur more technique buying, analysts said. CBOT floor brokers estimated that funds have bought 8,500 contracts of wheat before midday, said Agresource, a Chicago-based Institute, in its daily newsletter.

Meanwhile, Argentine worker strikes escalated on Monday which analysts said could disrupt the logistics and exports of Argentine agricultural products, supporting Chicago agricultural commodities.

The CBOT floor brokers estimate that funds have bought 6,000 contracts of corn in the morning. Endite