Off the wire
• U.S., Russian planes test safety protocols over Syria skies  • 1st LD Writethru: U.S. dollar mixed on economic data  • News Analysis: Debate in Egypt over rising calls for pro-Sisi amendments of new constitution  • Urgent: U.S. stocks extend gains on surging oil  • Urgent: U.S. dollar mixed on economic data  • Urgent: Oil prices jump amid increasing demand  • South Sudan parties sign agreement on transitional security arrangement  • 1st LD Writethru: Oil prices jump amid increasing demand  • 1st LD Writethru: Gold down on strong U.S. dollar, rate hike speculation  • Volvo Cars reports global sales hike in Oct.  
You are here: 　 Home

Chicago corn,wheat, soybeans rebound on technical buying

Xinhua, November 4, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat rebounded Tuesday on technical buying after it lost nearly 3 percent one day earlier, while corn and soybeans also closed higher.

The most active corn contract for December delivery added 4 cents, or 1.06 percent, to settle at 3.805 U.S. dollars per bushel. December wheat delivery gained 8.5 cents, or 1.67 percent, to close at 5.165 dollars per bushel. January soybeans rose 0.25 cents, or 0.03 percent, to close at 8.79 dollars per bushel.

Analysts said that outside markets supported grain markets Tuesday as oil prices jumped and U.S. stocks also extended gains.

Additionally, technical buying helped boost the price of wheat futures as the prices of the crop lost 2.68 percent Monday because traders thought that rains in the U.S. southern plains and some parts of Midwest will benefit newly-sown winter wheat there.

Corn, soybeans followed wheat higher.

The United States Department of Agriculture said Monday that 85 percent of the corn was harvested and 92 percent of the soybeans was harvested till the week of Nov. 1, both higher than the five-year average, respectively.

CBOT floor brokers estimated that funds have bought 4,000 contracts of corn, 2,000 contracts of wheat and 3,000 contracts of soybeans before midday, according to AgResource Company, the independent consultancy based in Chicago, Illinois. Endit