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Chicago agricultural commodities higher for week, month

Xinhua, January 30, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled higher on Friday. Corn, wheat and soybeans also saw weekly gain and monthly gain.

The most active corn contract for March delivery added 6.5 cents, or 1.78 percent, to close at 3.72 dollars per bushel. March wheat delivery rose 7 cents, or 1.48 percent, to close at 4.7925 dollars per bushel. March soybeans advanced 14.5 cents, or 1.67 percent, to close at 8.8225 dollars per bushel.

For the week, corn, wheat and soybeans climbed up 0.47 percent, 0.79 percent and 0.66 percent respectively.

For the month, corn, wheat and soybeans advanced 3.69 percent, 1.97 percent and 2.08 percent respectively.

Analysts said that soybean rebounded sharply Friday on short covering after it shed on bearish export news Thursday. The Chicago-based agricultural research institute Agresource said in its daily midday commentary that funds have bought 6, 000 contracts of soybeans, citing CBOT floor brokers.

Funds have bought 6,900 contracts of corn and 2,300 contracts of wheat, according to Agresource.

The U.S. Department of Agriculture (USDA) said Friday that corn net sales till week of Jan. 21 were 817,000 tons, down 29 percent from the previous week but up 17 percent from the prior 4-week average; wheat net sales was 294, 200 tons, down 19 percent from previous week but up 9 percent from the prior 4-week average.

Soybean net sales were 647,800 tons, which were lower from the previous week and from the prior four-week average, according to USDA. Enditem