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Chicago agricultural commodities futures market closes higher across board

Xinhua, August 6, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans extended their gains Wednesday while wheat rebounded on short covering before an important official report to be released.

The corn contract for December delivery added 4.50 cents, or 1. 19 percent, to close at 3.8325 U.S. dollars per bushel. September wheat delivery gained 8.50 cents, or 1.72 percent, to close at 5. 02 dollars per bushel. November soybeans rose 11 cents, or 1.17 percent, to close at 9.5325 dollars per bushel.

Analysts said that all the three major agricultural commodities settled higher because of short covering as investors were awaiting for a report scheduled for Aug. 12 from the United States Department of Agriculture.

It's expected that the USDA may trim its yields forecast for soybeans and other grains. Floor brokers estimate that funds have bought 3,500 contracts of corn, 2,500 contracts of wheat, 5,000 contracts of soybeans before midday Wednesday, according to Agresource, a Chicago-based institute.

The U.S. Energy Information Administration reported Wednesday that U.S. ethanol production was 961,000 barrels a day till the week of July 31, down 4,000 barrels from the previous week and lowest since May 2015. Some analysts said that this report was bearish to corn as ethanol production is a key element in U.S. corn demand. There were also bearish news for wheat as Egypt said it bought Russian wheat in its latest tender with lower prices when compared to U.S. wheat, according to analysts. Endite