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Chicago agricultural commodities close higher on short-covering

Xinhua, September 9, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle higher Thursday, with corn futures closing at two-week high price as investors exited short positions ahead of the U.S. Department of Agriculture's monthly crop report due on Monday.

The most active corn contract for December delivery rose 5.25 cents, or 1.58 percent, to 3.385 dollars per bushel. December wheat delivery closed up 3.25 cents, or 0.81 percent, to 4.06 dollars per bushel. November soybeans rose 1.25 cents, or 0.13 percent, to 9.7675 dollars per bushel.

Soybean futures reversed from small losses and turned higher late in the session at the Chicago Board of Trade, while U.S. wheat futures gained in light-volume trading.

USDA in its September supply and demand outlook is likely to reduce the average corn yield to 173.4 bushels per acre, down from 175.1 bpa on Aug. 12 but still a record high, according to a Reuters analyst poll.

Analysts predicted USDA would boost U.S. soybean yields to a record of 49.2 bpa, up from 48.9 bpa in August.

Trading volumes in corn, soybeans and wheat were light ahead of Monday's USDA data. A steep drop in corn open interest during Wednesday's session of higher prices suggested traders were exiting short positions rather than making new long bets, CME Group data showed.

Weekly USDA export data, due on Friday, was delayed one day due to Monday's U.S. Labor Day holiday. Endit