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Chicago agricultural commodities extend gains

Xinhua, March 8, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all extended gains on Monday to open the week.

The most active corn contract for May delivery added 0.75 cents, or 0.21 percent, to close at 3.59 dollars per bushel. May wheat delivery gained 2 cents, or 0.43 percent, to close at 4.6275 dollars per bushel. May soybeans rose 3.25 cents, or 0.37 percent, to close at 8.8175 dollars per bushel.

Analysts said that corn, wheat and soybeans on CBOT gained on its successive fourth trading day on Monday amid traders' continued short covering.

Funds have been modest buyers this morning, as some aim to pare back sizeable short positions in corn, wheat and soybeans, Agresource, the Chicago-based consultancy said in its daily commentary.

CBOT floor brokers estimate that funds have bought a net 2,500 contracts of corn, 4,000 contracts of wheat and 4,500 contracts of soybeans before midday, according to Agresource.

Analysts also said that warm weather in U.S. south Plains and Midwest, the key crop wheat growing areas, may not good for the wheat as the warm conditions may reduce soil moisture.

The U.S. dollar decreased against most major peers on Monday and some anlysts noted that the weaker dollar also supported Chicago agricultural commodities as it made them cheaper to other countries' buyers.

The market was quiet on Monday. Traders are awaiting for a key report as the U.S. Department of Agriculture is scheduled to release the monthly World Agricultural Supply and Demand Estimates Report on Wednesday. Endit