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Chicago corn, wheat, soybeans rebound on technical buying

Xinhua, December 15, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat soybeans all rebounded Monday on technical buying.

The most active corn contract for March delivery added 3.75 cents, or 1 percent, to settle at 3.79 U.S. dollars per bushel. March wheat delivery rose 3 cents, or 0.61 percent, to close at 4.935 dollars per bushel. January soybeans was up 3.5 cents, or 0.4 percent, to close at 8.7425 dollars per bushel.

Analysts said all three major agriculture commodities gained on short covering as they fell on Friday.

With no major news coming in, traders are focusing on two-day Federal Reserve meeting scheduled later this week, which is widely expected to end with its first U.S. interest rate hike since 2006.

Additionally, there are some other bearish news on Monday. Argentina's President Mauricio Macri said that he would sign a decree to cut the export tax on soybeans by 5 percent and also eliminate export taxes on wheat and corn. Analysts noted that the decision could boosted more exportation from Argentina. Endit