Off the wire
• Slovenia dismisses accountability for terrorist transit during refugee wave  • UN relief wing voices concern over new displacement of 100,000 people by clashes in central Syria  • Edinburgh, Shenzhen vow to further cooperation  • American Airlines becomes third U.S. carrier to resume commercial flights to Cuba  • Substantial improvement of ceasefire situation in Donbas, says Contact Group on Ukraine  • Spotlight: China vows to form closer community of shared future with ASEAN  • Situation in buffer area of Western Sahara remains tense, UN says  • U.S. stocks end mixed after Beige Book  • U.S. at stalemate in anti-terror fight 15 years later: U.S. official  • Over 2,000 teen moms return to Zambian schools last year  
You are here: 　 Home

Chicago agricultural commodities settle higher on short-covering

Xinhua, September 8, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle higher Wednesday as optimism over demand and uncertainty over the size of coming harvests fueled short-covering in agricultural markets.

The most active corn contract for December delivery rose 4.75 cents, or 1.45 percent, to 3.3325 dollars per bushel. December wheat delivery closed up 4.25 cents, or 1.07 percent, to 4.0275 dollars per bushel. November soybeans rose 15.75 cents, or 1.64 percent, to 9.755 dollars per bushel.

Soybean prices led the gains, rising after the U.S. Department of Agriculture said private exporters sold 484,000 metric tons of the oilseeds to China and unknown destinations. While U.S. farmers are expected to collect the biggest soybean crop ever this year, confidence is growing among traders that the brisk pace of export sales will help chew through abundant supplies.

Investor short-covering and forecasts for wet weather across the U.S. Midwest in coming weeks also propped up the soybean market. Persistent rains could delay the nation's harvest.

Wheat traders were optimistic that cheap U.S. grain could be sold to Northern African destinations such as Algeria and Morocco, while top importer Egypt rejected a cargo of Romanian wheat because of strict quality specifications.

A steep decline in the dollar against a basket of currencies on Tuesday made U.S. goods more competitive in global markets, supporting grain and soy futures at the Chicago Board of Trade. The dollar reversed a portion of the decline on Wednesday while the Federal Reserve said the U.S. economy expanded at a modest pace in July and August. Endit