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Chicago corn, soybeans, wheat extend gains on short covering

Xinhua, December 19, 2015 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans extended gains on short covering Friday.

The most active corn contract for March delivery added 0.25 cents, or 0.07 percent, to settle at 3.745 U.S. dollars per bushel. March wheat delivery gained 2.75 cents, or 0.57 percent, to close at 4.8675 dollars per bushel. January soybeans advanced 15.25 cents, or 1.74 percent, to close at 8.9225 dollars per bushel.

For the week, corn and wheat lost 0.2 percent and 0.76 percent respectively, while soybeans gained 2.47 percent.

Fund buying continued on Friday following dryness in Brazil, supporting corn, wheat and soybeans, according to analysts.

CBOT floor brokers estimated that funds have bought 7,500 contracts of soybeans, 18,000 contracts of corn and 8,000 contracts of wheat till midday, the Chicago-based institute AgResource Company said Friday.

For the soybeans, the U.S. Department of Agriculture said Friday that private exporters reported export sales of 220,046 tons of soybeans for delivery to unknown destinations during the 2015/2016 marketing year. Endit