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Chicago agricultural commodities settle higher

Xinhua, October 15, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close higher Friday, with soybean futures rising led by a surge in soyoil tied to firm domestic cash values and rising global vegetable oil prices

The most active corn contract for December delivery rose 4.75 cents, or 1.36 percent, to 3.5425 dollars per bushel. December wheat delivery added 5 cents, or 1.2 percent, to 4.21 dollars per bushel. November soybeans rose 6.25 cents, or 0.65 percent, to 9.5625 dollars per bushel.

Wheat and corn rose about 2 percent on fund-driven short-covering and strong international demand for wheat.

Soyoil got a boost from allied vegetable oil markets including Malaysian palm and European rapeseed oil, along with robust domestic cash soyoil values.

The most-active December soyoil contract rose modestly in early moves and then gapped higher as trade resumed following the daily 45-minute pause in CBOT trade. The contract reached its highest level since Aug. 23 before paring gains.

"The offshore values got soybean oil off to a kick-start, which is driving beans higher," said Terry Reilly, senior commodity analyst with Futures International.

Sluggish export demand for U.S. soymeal prompted soymeal spreading, he added. Most soybeans are processed into soymeal, used for animal feed, and soyoil, used in foods and biodiesel fuel. Brokers often trade on the price difference between the two products.

Wheat futures rose for a second straight session and the most-active contract was on track for a weekly gain of more than 7 percent, its biggest since June 2015.

Analysts cited short-covering by commodity funds following a spate of wheat purchases and tenders this week from buyers including Syria, Egypt, Algeria and Saudi Arabia.

Corn followed wheat higher, supported by fund short-covering and firm U.S. cash markets. Endit