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Chicago agricultural commodities futures market closes higher on technical buying, export news

Xinhua, October 21, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans, wheat all ended higher Tuesday, with corn and soybeans rebounding on technical buying and good export news.

The most active corn contract for December delivery gained 3.75 cents, or 1.01 percent, to settle at 3.7675 U.S. dollars per bushel. December wheat delivery was higher 5.50 cents, or 1.13 percent, to close at 4.9125 dollars per bushel. November soybeans added 5 cents, or 0.56 percent, to close at 8.96 dollars per bushel.

Analysts said corn and soybeans found some support from technical buying Tuesday after earlier losses as U.S. harvest advanced.

Funds have been estimated as buying 3,000 contracts in corn and 2,500 contracts in soybeans Tuesday morning, according to the independent consultancy AgResource Company, headquartered in Chicago, Illinois.

Additionally, private exporters reported to the U.S. Department of Agriculture (USDA) export sales of 132,000 metric tons of soybeans for delivery to China during the 2015/2016 marketing year, the USDA said in a press release in the morning.

A flour group of the Republic of Korea bought 61,300 metric tons of U.S. and Australian wheat with shipments from February to May, according to agriculture media Farmfutures.

U.S. farmers had harvested 59 percent of the corn and 77 percent of soybeans in the week of Oct. 18, the USDA said in its Weekly Crop Progress Report after the market closed Monday.

Corn harvest was above the five-year average pace of 54 percent, and the soybean harvest was also higher than the five-year average of 68 percent, according to the report. Endit