Chicago agricultural commodities close higher on strong export demand

Chicago Board of Trade (CBOT) corn and wheat all closed higher Monday, with soybean futures climbing to a one-week peak on strong export demand and drier-than-expected Midwest weather over the weekend.

The most active corn contract for December delivery was up 0.5 cents, or 0.15 percent, to 3.3475 dollars per bushel. September wheat delivery rose 1 cents, or 0.24 percent, to 4.17 dollars per bushel. November soybeans was up 10.5 cents, or 1.08 percent, to 9.85 dollars per bushel.

Some traders were squaring their positions in grain markets ahead of a monthly U.S. Department of Agriculture (USDA) crop report due on Friday. The government is broadly expected to increase its U.S. corn and soy production forecasts.

Robust export demand supported corn and soybean prices as the USDA on Monday announced large sales of both commodities via its daily reporting system. Monday's 246,000-tonne soybean sale to China was the ninth daily sales announcement in nine trading days.

Mostly favorable crop weather in the U.S. Midwest has kept a lid on prices as corn and soybean crop ratings remained near historic highs.

Analysts, on average, expect the USDA to slightly lower its corn condition rating in a report due later on Monday while keeping its soy crop condition rating unchanged. Endit