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Chicago agricultural commodities futures market closes higher

Xinhua, September 24, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat, corn and soybeans futures ended higher across the board Wednesday.

The most active corn contract for December delivery added 2.75 cents, or 0.72 percent, to settle at 3.8325 U.S. dollars per bushel. December wheat delivery advanced 12 cents, or 2.42 percent, to close at 5.075 dollars per bushel. November soybeans gained 2 cents, or 0.23 percent, to close at 8.6375 dollars per bushel.

Analysts said that dry weather in Russia and Ukraine caused concerns that it may hurt the newly planted wheat there, boosting short covering of the crop on the market.

Soybeans posted some gains after the United States Department of Agriculture announced in the morning that private exporters reported export sales of 284,500 metric tons of soybeans for delivery to China during the 2015/2016 marketing year.

As for the corn, analysts said that an official report gave some pressure, however, corn saw a little gains Wednesday, following wheat and soybeans.

The U.S. Energy Information Administration said in its Weekly Supply Estimates that the country's ethanol inventories were 18.9 million barrels till the week of Sept. 18, up from previous week's 18.29 million barrels. Endit