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Chicago agricultural commodities close higher on fund buying

Xinhua, October 27, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close higher on Wednesday, lifted by investment fund buying and expectations for increased export demand as harvests neared completion.

The most active corn contract for December delivery rose 4.75 cents, or 1.36 percent, to 3.54 dollars per bushel. December wheat delivery added 7.25 cents, or 1.79 percent, to 4.115 dollars per bushel. November soybeans rose 19.25 cents, or 1.94 percent, to 10.10 dollars per bushel.

Soybean futures climbed to a two-month high. Soymeal futures surged more than 3 percent for their largest daily gains since June as traders unwound soymeal-soyoil spreads.

The harvest of a record-large U.S. soybean crop was three-quarters finished, and farmer sales of fresh supplies was expected to slow soon, R.J. O'Brien analyst Rich Feltes said.

Weekly U.S. grain and soybean export data was due early on Thursday and many traders expected lofty sales of soybeans, with estimates as high as 2.5 million tonnes. Sales of corn could top 1.2 million tonnes and wheat 550,000 tonnes.

The dollar eased from Tuesday's nine-month high against a basket of currencies, making U.S. goods comparatively cheaper in some international markets.

Gains in wheat came after top global buyer Egypt on Tuesday made its biggest purchase in more than a year.

"Egypt's state grains buyer GASC made a large purchase of 420,000 tonnes of wheat in a tender on Tuesday at prices mostly higher than at its previous tender on Oct. 20, which is an overall encouraging demand sign with U.S. wheat offered but not bought by GASC," said Graydon Chong, senior commodity analyst at Rabobank.

The large GASC purchase raises hopes that Egypt's wheat imports are normalizing after massive disruption in recent months from conflicting rules on levels of the ergot fungus in imports. This could help to soak up large global wheat supplies. Endit