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Chicago corn, soybeans rebound on bargain buying; wheat extends losses by ample supplies

Xinhua, August 5, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans rebounded Tuesday on bargain buying while wheat extended losses by ample supplies with volumes thin on the market overall.

The corn contract for December delivery was up 2.25 cents, or 0. 60 percent, to close at 3.7875 U.S. dollars per bushel. September wheat delivery lost 5.50 cents, or 1.10 percent, to close at 4.935 dollars per bushel. November soybeans added 6.75 cents, or 0.72 percent, to close at 9.4225 dollars per bushel.

Analysts said that corn witnessed a technical bounce amid thin volume on the market as corn settled at six-week lowest on Monday and soybeans rose off a one-week low. CBOT floor brokers reported that funds have bought 4,000 contracts of corn and 2,200 contracts of soybeans before Midday Tuesday, according to Agresource, a Chicago-based instituted.

The United States Department of Agriculture said on Monday afternoon in its weekly Report of Crop Progress that in the week of Aug. 2, U.S. corn condition unchanged, at 70 percent good or excellent, while soybean conditions were lifted 1 percentage point to 63 percent good or excellent, in line with market expectation. Some analysts said that the report was also supportive to corn and soybeans.

Wheat extended losses by ample supplies as Russian wheat prices declined further and Ukraine are expected to increase wheat exports as the harvest picked up paces, analysts said. Endite