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Chicago agricultural commodities up on weaker U.S. dollar

Xinhua, June 3, 2015 Adjust font size:

Corn, wheat and soybeans closed up on Friday as a weaker greenback made dollar-denominated agricultural commodities more attractive to investors.

The most active corn contract for July delivery added 6.75 cents, or 1.92 percent, to close at 3.59 U.S. dollars per bushel. Wheat for July delivery gained 18.75 cents, or 3.80 percent, to close at 5.125 dollars per bushel. July soybeans counted up 14.75 cents, or 1.59 percent, to close at 9.4075 dollars per bushel.

Analysts said that weaker dollar sparked short-covering on Tuesday, pushing corn, wheat and soybeans all higher. Fund short covering has been the feature Tuesday morning, Agresource, a Chicago-based institute, said in its daily newsletter.

CBOT floor brokers report that funds have bought 8,000 contracts of corn, 5,000 contracts of wheat, and 7,000 contracts of soybeans before midday, according to Agresource. Endite