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Chicago agricultural commodities end higher on short covering

Xinhua, March 9, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans closed higher Tuesday on continued short covering.

The most active corn contract for May delivery gained 1.5 cents, or 0.42 percent, to close at 3.605 dollars per bushel. May wheat delivery rose 2.5 cents, or 0.54 percent, to close at 4.6525 dollars per bushel. May soybeans climbed 2.75 cents, or 0.31 percent, to close at 8.845 dollars per bushel.

The crops extended gains to fifth trading day as traders continued their short covering ahead an important monthly official report. The U.S. Department of Agriculture (USDA) is scheduled to release its monthly World Agricultural Supply and Demand Estimates Report on Wednesday.

CBOT floor brokers estimated that funds have bought a net 8,000 contracts of corn, 3,000 contracts of wheat and 3,500 contracts of soybeans before midday, according to Agresource, the Chicago-based consultancy company.

The USDA said Tuesday that private exporters reported export sales of 110,000 tons of soybeans for delivery to China during the 2016/2017 marketing year and export sales of 140,000 metric tons of soybeans for delivery to unknown destinations. Endit