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Chicago agricultural commodities futures market closes higher

Xinhua, September 9, 2015 Adjust font size:

The Chicago Board of Trade (CBOT) corn, wheat and soybeans closed higher Tuesday on short covering as investors expected the United States Department of Agriculture (USDA) to lower harvest estimates.

The most active corn contract for December delivery added 5.25 cents, or 1.45 percent, to close at 3.6825 U.S. dollars per bushel. December wheat gained 7.25 cents, or 1.55 percent, to close at 4.75 dollars per bushel. November soybeans advanced 12.75 cents, or 1.47 percent, to close at 8.7925 dollars per bushel.

The USDA may lower corn and soybean conditions ratings in the weekly progress reports and that it would trim corn and soybean production numbers in the monthly report Friday, Farm Futures Daily reported Tuesday, adding that the weekly corn and soybeans condition would be expected to be both down 1 percent from the previous week.

The forecasts provoked short covering on the market. According to Agresource, the Chicago-based Institute, CBOT floor brokers estimated funds have bought a net 3,500 contracts of corn, 6,000 contracts of soybeans before midday.

In addition, USDA reported in its daily newsletter a sale of 120,000 metric tons of corn for delivery to Mexico during the 2015/2016 marketing year and a sale of 120,000 metric tons of soybeans for delivery to unknown destinations.

Analysts said wheat continued to advance on short covering Tuesday after dropping to a five-year low last week. CBOT floor brokers estimated that funds have bought a net 1,500 contracts of wheat before midday, Agresource reported in its daily commentary. Endit