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Chicago corn, soybeans, wheat rally after previous big drop

Xinhua, November 12, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybean and wheat futures all rallied on Wednesday, snapping their 2-day losing streak, after a bearish U.S. governmental crop report pushed prices of agricultural commodities down a day earlier.

The most active corn contract for December delivery added 3.25 cents, or 0.91 percent, to close at 3.6225 U.S. dollars per bushel. December wheat delivery gained 4 cents, or 0.82 percent, to close at 4.9475 dollars per bushel. November soybeans rose 5.25 cents, or 0.61 percent, to close at 8.6075 dollars per bushel.

Lack of fresh news was the feature of the day as the release of the U.S. weekly ethanol production report was put off on Thursday due to the Veterans' Day holiday in the U.S..

A day ago, Chicago corn, wheat fell by more than 2 percent and soybeans shed over 1 percent as the U.S. Department of Agriculture(USDA) in the November crop estimate report, raised its outlook for U.S. corn, wheat and soybean ending stocks for 2015/16 marketing year by more than expected.

CBOT grains and soybeans got some support from a weak U.S. dollar on Wednesday with the U.S. dollar index, a measure of the dollar against six major currencies, once losing by 0.25 percent.

Analysts noted a weaker U.S. dollar can be positive for agricultural commodities priced in dollars because it makes them cheaper for non-dollar users, while a stronger dollar can weigh on commodities.

The U.S. weather forecast maintains warmer than normal temperature and dry conditions across the central and eastern Midwest into the weekend, according to the Global Forecast System. Enditem