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Chicago corn, wheat rebound on short covering, soybean extending losses

Xinhua, September 5, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat rebounded on short covering on Friday while soybeans extended losses amid light trade.

The most active corn contract for December delivery added 1.5 cents, or 0.41 percent, to close at 3.63 U.S. dollars per bushel. December wheat delivery gained 2.5 cents, or 0.54 percent, to close at 4.6775 dollars per bushel. November soybeans lost 3 cents, or 0.35 percent, to close at 8.665 dollars per bushel.

For the week, corn, wheat and soybeans were lower 2.15 percent, 3.31 percent and 2.15 percent respectively.

Wheat and corn rebounded as investors covered short positions after recent declines ahead of a three-day Labor Day weekend in the United States, according to analysts. Agresource, the Chicago-based Institute, said that CBOT floor brokers estimated funds have bought 1,500 contracts of wheat and 2,500 contracts of corn before midday Friday.

Weather forecasts are mostly favorable as soybeans move toward maturity in the U.S. Midwest. Soybean processors continue to lower cash bids as harvest nears and farmers are responding by not selling, the Farm Futures Daily reported Friday. Endit