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Chicago agricultural commodities futures market closes higher across board

Xinhua, August 8, 2015 Adjust font size:

Chicago Board of Trade (CBOT) soybeans, corn, wheat futures trading prices all went up Friday, with soybeans rebounding sharply in the day as traders expected the United States Department of Agriculture (USDA) to lower its production forecast, and wheat continuing to extend gains on higher-than-expected exports.

The corn contract for December delivery added 3.25 cents, or 0. 85 percent, to close at 3.8375 U.S. dollars per bushel. September wheat delivery gained 3.5 cents, or 0.69 percent, to close at 5. 105 dollars per bushel. November soybeans was up 20 cents, or 2.12 percent, to close at 9.6325 dollars per bushel.

For the week, corn, wheat and soybeans was up 0.67 percent, 2. 25 percent and 2.45 percent, respectively.

While traders are waiting for the USDA crop report, scheduled for Wednesday, to decide the directions of their investment, analysts polled by some agencies predicted there would be a cut to soybeans and corn production forecasts, which led to technical buying in soybeans and corns Friday and helped them settle higher.

Floor brokers estimated that funds have bought 2,000 contracts of corn and 7,000 contracts of soybeans before midday Friday, according to Agresource, a Chicago-based institute.

USDA on Friday reported that 4.85 million bushels of soybeans have been exported, which some analysts believed gave additional support to soybeans. Endite