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Chicago corn, wheat jump on crop report, soybeans down

Xinhua, June 24, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn and wheat futures continued rally Tuesday as an official crop report showed deteriorating corn conditions and hampered wheat harvest, while soybeans settled lower slightly on technical selling.

The most active corn contract for July delivery gained 7.50 cents, or 2.08 percent, to close at 3.675 U.S. dollars per bushel. September wheat delivery added 21 cents, or 4.15 percent, to close at 5.27 dollars per bushel. July soybeans fell 2 cents, or 0.20 percent, to close at 9.875 dollars per bushel.

Analysts said that corn and wheat were supported by short covering one day after the U.S. Department of Agriculture released its weekly crop progress report. In the week ended June 21 in the selected 18 states, 19 percent of the winter wheat was harvested, significantly lower than 31 percent of 2010-2014 average, the report said. Corn conditions also deteriorated, with only 14 percent rated excellent, compared to the 18 percent of previous year.

CBOT floor brokers estimated that funds have bought 10,000 contracts of corn and 5,500 contracts of wheat before midday, according to Agresource, a Chicago-based Institute.

Soybeans retreated on technical selling after it reached a near three-month high on Monday. CBOT floor brokers reported that funds sold 1,600 contracts of soybeans in the morning session. Endite