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Chicago agricultural commodities extend gains

Xinhua, June 3, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybeans all extended their gains on Thursday, among them, soybeans advanced to its highest settlement in nearly two years.

The most active corn contract for July delivery rose 1.50 cents, or 0.36 percent, to close at 4.1525 dollars per bushel. July wheat delivery added 11.75 cents, or 2.48 percent, to settle at 4.855 dollars per bushel. July soybeans advanced 44.5 cents, or 4.05 percent, to close at 11.4425 dollars per bushel.

Soybeans climbed to its highest settlement since July 1, 2014, when the most active soybeans contract for November delivery closed at 1147.50 per bushel, data collected by Xinhua reporter showed Thursday.

Analysts noted that the big gains of soybean meal on Thursday pulled soybeans higher again as soybean meal gained some 5 percent on Thursday.

While the concerns that floods in Argentina may cut the soybean product there also helped U.S. soybeans extend gains as the traders are expecting that the export demand of U.S. soybeans will rise in the near future, according to analysts.

Corn followed soybeans higher Thursday, while an official positive report also supported corn on Thursday.

The U.S. Energy Information Administration (EIA) on Thursday said that in the week ending May 27, U.S. production of corn-based ethanol production was 960,000 barrels per day, higher than previous week's 946,000. The stocks of ethanol were rated by EIA at 20,769,000 barrels, also lower than previous week's numbers.

While wheat extended gains on worries that recent floods may destroy some U.S. Southern Plain wheat fields, according to analysts. Endit