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Chicago agricultural commodities settle higher on investor short-covering

Xinhua, November 9, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close higher on Tuesday, buoyed by widespread buying and investor short-covering ahead of a closely-watched crop report and results from the U.S. presidential election.

The most active corn contract for December delivery rose 8 cents, or 2.31 percent, to 3.5425 dollars per bushel. December wheat delivery added 5.25 cents, or 1.28 percent, to 4.1525 dollars per bushel. January soybeans rose 12.75 cents, or 1.28 percent, to 10.1125 dollars per bushel.

Soybean prices swung higher for a fourth consecutive session, tipping over the 10 dollars-a-bushel mark ahead of a monthly update on crop supplies and demand from the U.S. Department of Agriculture due on Wednesday.

Although federal forecasters are expected to raise estimates for U.S. production and stockpiles of the oilseeds, which is seen as negative for prices, analysts said increased optimism that Hillary Clinton could win the U.S. presidential election has helped bolster the market as her positions are seen as more favorable for world trade than Donald Trump's.

Traders were also adjusting positions ahead of the U.S. Department of Agriculture's monthly supply/demand reports on Wednesday. Analysts expect the government to raise its estimate

of the record-large U.S. soy harvest, but robust export demand has offset worries about the size of the crop.

Soy and corn futures drew support from potential weather threats to South American crops as the Southern Hemisphere growing season gets under way.

Wheat followed the firm trend. Funds hold a large net short position in CBOT wheat futures, leaving the market open to bouts of short-covering. Endit