Chicago agricultural commodities advance on upbeat sales data

Chicago Board of Trade (CBOT) corn and soybeans climbed up Thursday on increases in weekly export sales, while wheat gained for its seventh successive trading days.

The most active corn contract for May delivery climbed 3.25 cents, or 0.90 percent, to close at 3.6275 dollars per bushel. May wheat delivery advanced 8.75 cents, or 1.87 percent, to close at 4.77 dollars per bushel. May soybeans added 3.50 cents, or 0.40 percent, to close at 8.8925 dollars per bushel.

Analysts said corn and soybeans advanced as an official report showed increases in weekly export sales.

The U.S. Department of Agriculture released its weekly U.S. Export Sales Report Thursday, rating that corn net sales till week of March 3 at 1,172,300 tons, up 7 percent from the previous week and 37 percent from the prior four-week average.

The report rated soybean net sales at 475,200 tons, up 8 percent from the previous week and 2 percent from the prior four-week average.

As for wheat, the report said sales were 330,600 tons, which were down 4 percent from the previous week, but up 6 percent from the prior four-week average.

Rain storms in the U.S. Delta and southern Midwest prompted fund short covering, supporting the three main agricultural commodities higher Thursday.

CBOT floor brokers estimated that funds have bought 7,000 contracts of corn, 5,500 contracts of wheat and 3,600 contracts of soybeans before midday, according to Agresource, the Chicago-based consultancy company.

The lower U.S. dollar also gave additional support to corn, wheat and soybeans, analysts say. Endit