Chicago agricultural commodities close higher amid outlook for rain

Chicago Board of Trade (CBOT) grains futures advanced on Tuesday, buoyed by robust demand for some crops and concerns that wet weather could slow the U.S. harvest.

The most active corn contract for December delivery rose 3.25 cents, or 0.96 percent, to 3.405 dollars per bushel. December wheat delivery rose 2 cents, or 0.5 percent, to 4.06 dollars per bushel. November soybeans added 17.25 cents, or 1.77 percent, to 9.8975 dollars per bushel.

Soybean prices gained for a fourth consecutive session, bolstered in part by evidence of ongoing demand for U.S. supplies of the oilseeds.

The U.S. Department of Agriculture said private exporters had booked sales of 110,000 metric tons of soybeans for delivery to China during the 2016-17 season, which helped fuel optimism that firm exports will help eat through the projected record crop that U.S. farmers have begun to harvest.

Higher soybean prices and worries over rainy conditions also provided a boost to corn prices. Although the U.S. corn crop remains in good condition, harvest activity already is lagging normal pace, with corn about 9% harvested as of Sunday, versus the average 12% that was collected at the same time in the previous five years.

Weaker-than-expected yields from the early U.S. harvest also supported the corn market though gains were capped by expectations farmers still will reap a record crop this year.

Wheat futures nudged higher thanks to strength in nearby corn prices. The two grains often trade in tandem since they are substitutes for one another in animal feed. Enditem