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Chicago wheat, soybeans extend gains on technical considerations; corn unchanged

Xinhua, November 5, 2015 Adjust font size:

Chicago Board of Trade (CBOT) wheat and soybeans extended gains on technical buying, while corn remained unchanged.

The most active corn contract for December delivery was unchanged at 3.805 U.S. dollars per bushel. December wheat delivery advanced 9.75 cents, or 1.89 percent, to close at 5.2625 dollars per bushel. January soybeans rose 5 cents, or 0.57 percent, to close at 8.84 dollars per bushel.

Technical considerations have driven wheat to a new weekly highs, and this support has spilled into the soybean and corn markets, the Chicago-based independent consultancy AgResource said in its daily commentary.

CBOT floor brokers estimated that funds have bought 3,000 contracts of corn, 4,500 contracts of wheat and 3,500 contracts of soybeans before midday, according to AgResource.

Additionally, dryness in Russia and Ukraine will deteriorate the winter wheat there, which added support to U.S. wheat because less export is expected from there.

U.S. soybeans also benefited from less export expectations from Brazil due to dryness. The Brazilian soybean harvest was forecasted at 98.5 million metric tons by U.S. Department of Agriculture's bureau in Brasilia, according to a report of the agrimony.com, a finance news website based in the United States.

The weekly ethanol production report released by the U.S. Energy Information Administration Wednesday showed U.S. ethanol production rose to 969,000 barrels per day through the week ending Oct. 30, comparing with 944,000 of the previous week. Analysts said that the report was bullish to corn futures as U.S. ethanol producers use corn as their major feedstock. Endit