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Chicago agricultural commodities extend gains

Xinhua, March 23, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, soybeans extended their gains amid ongoing short covering Tuesday, while wheat also settled a little higher.

The most active corn contract for May delivery added 0.5 cent, or 0.14 percent, to close at 3.70 dollars per bushel. May wheat delivery gained 0.25 cent, or 0.05 percent, to close at 4.6675 dollars per bushel. May soybeans advanced 8.25 cents, or 0.91 percent, to close at 9.1025 dollars per bushel.

Analysts said that news was thin on the market and fund short covering supported corn and soybean trading higher Tuesday. CBOT funds have bought 2,000 contracts of corn and 8,000 contracts of soybeans as of midday, said Agresource, the Chicago-based agriculture consultancy, in its daily commentary.

Wheat advanced a little Tuesday due to fear of damage from the weekend freeze in some parts of U.S. Southern Plains, according to analysts. Endit