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Chicago corn, soybeans rebound; wheat extends losses on rain forecast

Xinhua, November 17, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans rebounded Monday on short covering, while wheat extended losses as weather forecast said rain will come to the dry growing belts of the United States.

The most active corn contract for December delivery added 1.75 cents, or 0.49 percent, to settle at 3.60 U.S. dollars per bushel. December wheat delivery lost 1.75 cents, or 0.35 percent, to close at 4.94 dollars per bushel. January soybeans gained 4.25 cents, or 0.50 percent, to close at 8.595 dollars per bushel.

Analysts said that soybeans rebounded from more-than-6-year low amid bargain-buying, while corn also rose on short covering.

Additionally, the U.S. Department of Agriculture reported early Monday export sales of 1,440,180 tons of corn for delivery to Mexico, and export sales of 180,000 tons of soybeans for delivery to China during the 2015/2016 marketing year.

However, wheat settled lower as more rain is forecast for the central and southern Plains wheat areas Monday and Tuesday, analysts said, adding that stronger dollar also pressed wheat Monday. Endit