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Chicago agricultural commodities close higher

Xinhua, June 2, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all rebounded and settled higher as the U.S. dollar turned weaker on Wednesday.

The most active corn contract for July delivery added 9 cents, or 2.22 percent, to close at 4.1375 dollars per bushel. July wheat delivery advanced 9.25 cents, or 1.99 percent, to settle at 4.7375 dollars per bushel. July soybeans was higher of 21.25 cents, or 1.97 percent, to close at 10.9975 dollars per bushel.

Analysts noted that weaker dollar helped corn, wheat and soybeans on Wednesday as a weaker dollar make the U.S. agricultural commodities more competitive in the international market.

While the concerns about farmers in Brazil may produce less corn also supported corn on Wednesday. According to the reports of Farm Futures Daily, the private sectors estimates Brazalian corn production came in more than 200 million bushels below the forecast of the U.S. Department of Agriculture (USDA).

Funds bargain buying after its big losses of more than 3.5 percent on Tuesday also extended additional support to wheat, according to analysts.

USDA released its weekly crop progress report after the market closed on Tuesday, rating 72 percent of corn at good to excellent condition till week of May 29. USDA also said that corn planted was 94 percent, higher than previous week and previous five year average. Corn emerged was 78 percent, also higher than previous week and previous five year average, according to USDA.

As for the wheat, USDA rated 63 percent of winter wheat at good to excellent condition, 79 percent of spring wheat at good to excellent condition, both of them are higher than the numbers of previous week and previous year.

While Soybeans planted was rated at 73 percent by USDA, soybeans emerged was 45 percent, both higher than previous week and previous five year average. Endit