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Chicago agricultural commodities close higher after USDA's crop progress report

Xinhua, May 18, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn extended gains to its fourth successive trading session on Tuesday, wheat also settled higher, while soybeans rebounded after falling for fourth trading days.

The most active corn contract for July delivery rose 3 cents, or 0.76 percent, to close at 3.97 dollars per bushel. July wheat delivery was higher of 7 cents, or 1.47 percent to settle at 4.8175 dollars per bushel. July soybeans advanced 15.75 cents, or 1.48 percent, to close at 10.8025 dollars per bushel.

Soybeans rebounded on short covering after falling for fourth successive trading days, according to analysts.

Meanwhile, expectations of reduced supplies also gave soy some support. Soybeans planted till week of May 15 was rated at 36 percent by the U.S. Department of Agriculture (USDA), higher than previous week but was lower than last year's 41 percent, according to the Crop Progress report released by the USDA on Monday after market closed.

Soybeans emerged was rated at 10 percent, also lower than last year's 11 percent.

Analysts said that wheat rose on the concerns that spring wheat maybe dented by the continued wet and cold weather in the U.S. Southern Plains and Midwest.

The Crop Progress Report of USDA rated spring wheat emerged till week of May 15 at 60 percent, lower than last year's 63 percent, spring wheat planted at 89 percent, also lower than last year's 92 percent. Endit