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Chicago agricultural commodities close higher ahead of long holiday weekend

Xinhua, May 28, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all settled higher on Friday before the long weekend for the U.S. Memorial Day holiday.

The most active corn contract for July delivery added 4.50 cents, or 1.10 percent, to close at 4.1275 dollars per bushel. July wheat delivery was higher of 0.25 cents, or 0.05 percent, to settle at 4.815 dollars per bushel. July soybeans gained 6.75 cents, or 0.63 percent, to close at 10.865 dollars per bushel.

For the week, corn, wheat and soybeans advanced 4.63 percent, 2.94 percent and 1.14 percent respectively. Among them, soybean futures witnessed a seventh-straight weekly gain on Friday.

The U.S. Department of Agriculture said Friday in a corrected announcement that private exporters reported export sales of 130,000 tons of corn for delivery to unknown destinations, export sales of 110,000 tons of soybeans for delivery to China and export sales of 100,000 tons of soybean cake and meal for delivery to unknown destinations. Analysts noted that these fresh export news supported corn and soybeans higher on Friday.

Additionally, the midday weather forecast brought heavy rains in U.S. Southern Plains and Midwestand some analysts said the rain may cause flood corn fields and delay planting, helping corn extend gains on Friday.

The market is scheduled to be closed on Monday for the U.S. Memorial Day holiday, according to the CME Group's holiday calendar. Endit