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Chicago wheat, corn, soybeans rally ahead of key USDA report

Xinhua, January 9, 2016 Adjust font size:

Chicago Board of Trade (CBOT) wheat, corn and soybeans futures Friday closed all higher with wheat prices leading the gains on technical buying ahead of a key U.S. government agency crop report due early next week.

The most active wheat contract for March delivery rallied 10 cents, or 2.13 percent, to close at 4.785 dollars per bushel. Corn for March delivery added 4 cents, or 1.13 percent, to close at 3.57 U.S. dollars per bushel. Meanwhile, March soybeans delivery rose 0.75 cents, or 0.09 percent, to close at 8.6525 dollars per bushel.

Short covering dominated the trading day as investors are looking to reduce their market exposure ahead of a key U.S. crop report, amid the CBOT corn, wheat and soybean futures being laden with large fund short positions.

The U.S. Department of Agriculture (USDA) is scheduled to release its World Agricultural Supply and Demand Estimates (WASDE) report for January next Tuesday.

"Today's rally is all about short covering, and global weather forecasts at midday are favorable, " AgResource company, a Chicago-based agricultural research institute, said in a note. "We note that further advances will do little improve U.S. exports."

However, Chicago grains and soybeans came under some pressure by a stronger greenback on Friday. The U.S. Dollar Index, a measure of the dollar against six major currencies, Friday rose by about 0.3 percent on a much-better-than-expected U.S. job report, undercutting dollar-denominated agricultural commodities.

For the week, the most active corn contract for March delivery lost 0.5 percent, March wheat rose by 1.81 percent, while March soybeans added 0.12 percent. Enditem