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Chicago wheat rallies strongly on weather concerns; corn, soybeans edge higher

Xinhua, March 4, 2016 Adjust font size:

Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Thursday with wheat futures rising sharply on concerns about dry weather across portions of the U.S. Plains, while corn and soybeans edging higher.

Chicago wheat led gains as the most active wheat contract for May delivery rose 9.5 cents, or 2.11 percent, to close at 4.5975 dollars per bushel. Soybean for May delivery gained 2.25 cents, or 0.26 percent, to close at 8.6375 U.S. dollars per bushel. May corn delivery added 0.25 cents, or 0.07 percent, to close at 3.565 dollars per bushel.

The weekly U.S. Drought Monitor released Thursday indicated abnormally dry conditions across the southern Plains, where major U.S winter wheat grows, triggering fund short-covering and sending Chicago wheat futures to the highest level in the past eight sessions.

The much weaker greenback also helped send Chicago grains and soy higher on Thursday. The U.S. Dollar Index, a measure of the dollar against six major currencies, fell by more than 0.5 percent in the morning session amid downbeat U.S. employment data, lifting the appeal of dollar-denominated commodities.

The U.S. Department of Agriculture (USDA) said Thursday in its weekly export sales report that for the week ending Feb. 25, the United States witnessed exports of wheat were up 69 percent from the previous week and 32 percent from the prior 4-week average.

Corn exports were down 9 percent from the previous week,but up 13 percent from the prior 4-week average, while soybean export sales fell by 14 percent from the previous week and lost 11 percent from the prior 4-week average, according to the same report.

Analysts noted that corn demand was better than expected, while wheat, soybean sales were in line with trade guesses.

For their respective marketing years to date, the U.S. corn sales were down 22 percent from last year; soybeans sales were 11 percent lower compared to a year ago; wheat sales fell by 17 percent from a year earlier, said the same analysts. Endite