Off the wire
• Ukraine to ease visa access for Chinese businessmen, tourists  • Half of Brazilians in favor of early presidential elections: poll  • Kuczynski enjoys razor-thin lead in Peru's presidential race, poised to win  • V4 countries' PM discuss EU crises in Prague  • U.S. stocks rally on rising oil prices  • More data sharing needed in fight against terrorism: Dutch FM  • Italian police officer kills migrant in "legitimate defense": media reports  • EU's flagship economic forum to open Thursday  • U.S. dollar declines as rate-hike expectation dims  • Oil prices keep rising as U.S. stockpiles fall  
You are here: 　 Home

Chicago agricultural commodities settle higher amid weather concerns

Xinhua, June 9, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat settled higher for their sixth trading days in a row on Wednesday, soybeans advanced more than 3 percent, climbing to highest settlement in nearly two years.

The most active corn contract for July delivery added 3.50 cents, or 0.82 percent, to close at 4.3125 dollars per bushel. July wheat delivery rose 10.50 cents, or 2.06 percent, to settle at 5.195 dollars per bushel. July soybeans advanced 36.50 cents, or 3.20 percent, to close at 11.7775 dollars per bushel.

Analysts said that corn and soybeans extended gains on Wednesday amid weather concerns as weather forecast showed hot weather in the U.S. Midwest in the coming days, boosting expectations that hotter and drier weather may damage the nascent corn and soybeans there.

Soybeans advanced to its highest settlement since June 27, 2014, when the most active soybeans contract for November delivery closed at 12.28 per bushel, data collected by Xinhua reporter showed Wednesday.

Fresh export sales also supported soybeans higher on Wednesday as the U.S. Department of Agriculture (USDA) announced its third successive export sales on Wednesday morning, saying that private exporters reported export sales of 132,000 tons of soybeans for delivery to China during the 2016/2017 marketing year. USDA has already announced export sales of soybeans on Monday and Tuesday.

While the talks about rain may damage French wheat have boosted a new round of fund technical buying of U.S wheat, helping wheat rallied Wednesday, according to analysts.

Additionally, the U.S. dollar slipped against most major currencies on Wednesday, giving extra support to U.S. agricultural commodities.

The U.S. Energy Information Administration (EIA) said Wednesday that in the week ending June 3, U.S. production of corn-based ethanol production was 1,006,000 barrels per day, higher than previous week's 960,000. The stocks of ethanol were rated by EIA at 20,225,000 barrels, lower than previous week's numbers. Endit