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Chicago agricultural commodities settle higher on strong export demand

Xinhua, August 6, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn and wheat all closed higher Friday, as strong export demand offset supply pressure linked to bumper harvest prospects.

The most active corn contract for December delivery was up 3.25 cents, or 0.98 percent, to 3.3425 dollars per bushel. September wheat delivery rose 12.75 cents, or 3.16 percent, to 4.16 dollars per bushel. November soybeans was up 17.75 cents, or 1.86 percent, to 9.745 dollars per bushel.

Soybean futures led the gains after the U.S. Department of Agriculture (USDA) reported that exporters had struck deals to sell 498,000 tonnes of U.S. soybeans to top importer China for delivery in the marketing year that starts on Sept. 1.

Wheat and corn climbed higher after falling to multi-year lows on ample supplies.

Analytical firm Informa Economics on Friday predicted the autumn corn harvest will reach 14.694 billion bushels, with a yield of 169.8 bushels per acre. The company pegged the soybean harvest at 3.958 billion bushels, with a yield of 47.7 bushels per acre.

That topped the USDA July estimate that put the corn crop at 14.540 billion bushels, with a yield of 168.0 bushels per acre, and the soybean harvest at 3.880 billion bushels and a yield of 46.7 bushels.

The USDA is set to update its crop estimates next week. Endit