Chicago agricultural commodities close higher

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled higher on Wednesday.

The most active corn contract for July delivery added 7.25 cents, or 1.82 percent, to close at 4.0475 dollars per bushel. July wheat delivery gained 2 cents, or 0.43 percent, to settle at 4.66 dollars per bushel. July soybeans advanced 30.75 cents, or 2.92 percent, to close at 10.855 dollars per bushel.

Analysts said that soybeans rose on fresh news of overseas demand as U.S. Department of Agriculture said Tuesday that private exporters reported export sales of 140,000 tons of soybeans for delivery to unknown destinations during the 2016/2017 marketing year.

Advance of soybean meal also pulled soybeans higher, while floods in Argentina prompted concerns about shortage of soybean meal supplies from Argentina, extending additional support on soybeans Wednesday.

Outside the agricultural markets, the weaker U.S. dollar Wednesday also buoyed soybean market as a weaker U.S. dollar make the U.S. soybeans cheaper on the international market.

Corn climbed higher as rain is forecasted for Midwest in the coming three or four days. Some analysts noted the rainfall could delay U.S.corn planting, boosting fund technical buying of corn on Wednesday. CBOT floor brokers reported that funds have bought 8,000 contracts of corn in the morning session, according to the report of AgResource, the Chicago-based agriculture consultancy.

The U.S. Energy Information Administration (EIA) on Wednesday said that in the week ending May 20, U.S. production of corn-based ethanol production was 946,000 barrels per day, slightly lower than previous week's 948,000. However, the stocks of ethanol were rated by EIA at 20,813,000 barrels, also lower than previous week's.

Wheat followed soybeans and corn higher on Wednesday, according to analysts. Endit