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Chicago corn, soybeans, wheat post gains on weather worries

Xinhua, June 9, 2015 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities on Monday bounced off from Friday's decline amid increasing weather concerns and a weak U.S. dollar.

The most active corn contract for July delivery rose 4.75 cents, or 1.32 percent, to close at 3.6525 U.S. dollars per bushel. July wheat delivery added 11 cents, or 2.13 percent, to close at 5.28 dollars per bushel. July soybeans gained 6.5 cents, or 0.69 percent, to close at 9.4425 dollars per bushel.

July wheat, having gained more than 8 percent last week, extended its rally on Monday, as fears for the impact of an export tax on Russian shipments added to concerns over weather in a range of countries.

"Some beating the drum on too much rain across portions of the Plains and the Southwestern Midwest corn belt as the reason for the CBOT rally," said AgResource company, a Chicago-based agricultural research institute. The dryness in western Canada and western Russia are also noted.

Traders worried that the U.S. government could cut U.S. wheat production estimates due to all of the rain that fell during May, citing lower test weights. Funds have been noted buyers in three major commodities as there is a further rush to cover shorts ahead of the U.S. Department of Agriculture (USDA) June crop report due out on Wednesday.

Weakness in the dollar, which once tumbled 1.1 percent against a basket of currencies on Monday, also helped dollar-denominated commodities overall make headway.

The U.S. weekly export inspections released by the USDA on Monday showed that soybeans shipping pace was above expectations while wheat and corn fell below the levels needed to reach annual USDA forecasts.

Soybean inspections through the week ending June 4 totaled 216, 590 metric tons, up more than 140,000 tons from the prior week. Corn shipments totaled 740,543 tons, down almost 25 percent from the previous week. Wheat shipments totaled 302,725 tons, down 17 percent from the previous week.

The U.S. weather forecast showed rains to return to the Central Plains and Western Midwest later this week. Endite