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Chicago soybeans extend losses while corn, wheat rebound slightly on short covering

Xinhua, July 24, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat rebounded slightly on short covering Thursday, while soybeans extended losses as improved weather boosted expectations of ample supply.

The most active corn contract for September delivery added 0.5 cent, or 0.12 percent, to close at 4.0325 U.S. dollars per bushel. September wheat delivery gained 4.75 cents, or 0.92 percent, to close at 5.215 dollars per bushel. November soybeans lost 15 cents, or 1.51 percent, to close at 9.805 dollars per bushel.

Analysts said that short-covering helped wheat rebound as wheat saw nine straight successive losses by Wednesday, and short- covering also added support to corn as corn fell to its lowest level by Wednesday since June 30.

The midday weather forecast said that rains are expected across the North Plains and the Midwest over the next five days, analysts said that the rains are especially good for soybeans, boosting expectations of better harvest. Endite