Chicago agricultural commodities close higher

Chicago Board of Trade (CBOT) grains futures close higher on Tuesday with corn and wheat prices each rose about 1 percent on Tuesday as strength in crude oil helped the broader commodities sector rebound from sharp declines a day earlier.

Soybean futures were modestly higher, supported by bullish monthly U.S. crushing data.

The most active corn contract for December delivery rose 4.25 cents, or 1.26 percent, to 3.415 dollars per bushel. December wheat delivery added 5 cents, or 1.27 percent, to 3.99 dollars per bushel. January soybeans rose 5.25 cents, or 0.53 percent, to 9.895 dollars per bushel.

Grains drew support from crude oil, with U.S. crude futures rising as much as 5 percent on renewed expectations that the Organization of the Petroleum Exporting Countries would agree later this month to cut production to reduce a supply glut.

Wheat found support from dry weather in the Mississippi River Delta and portions of the southern Plains that could stress the 2017 winter wheat crop. The crop was 94 percent planted as of Sunday, the U.S. Department of Agriculture said.

Soybeans were modestly higher after a monthly report from the National Oilseed Processors Association showed its members crushed 164.6 million bushels of soybeans in October, the third-heaviest total on record.

Export demand has also been supportive, with the U.S. Department of Agriculture confirming sales of more than 700,000 tonnes of U.S. soybeans so far this week. Endit