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Chicago agricultural commodities close higher

Xinhua, November 22, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close higher on Monday with soybean futures climbing more than 2 percent, led by strength in Asian oilseed markets and stronger-than-expected weekly export data.

Corn and wheat futures were also higher but trailed the advances in soybeans.

The most active corn contract for December delivery rose 4.25 cents, or 1.23 percent, to 3.4975 dollars per bushel. March wheat delivery added 1.75 cents, or 0.41 percent, to 4.27 dollars per bushel. January soybeans rose 26.5 cents, or 2.67 percent, to 10.2025 dollars per bushel.

Soybeans got an early boost from strength in soy futures on Asian oilseed markets.

Additional support stemmed from the U.S. Department of Agriculture reporting export inspections of U.S. soybeans in the latest week at more than 2.6 million tonnes, topping a range of trade expectations for 1.7 million to 2.0 million tonnes.

A pause in the dollar's rally lent support to the broader commodities sector. The U.S. dollar index eased from last week's 13 and half year high as Treasury yields nudged lower, bolstering oil, copper and gold. Corn prices climbed to a two-week high, shored up further by moves in outside markets as well as speculation that U.S. farmers will plant 5 percent to 7 percent fewer corn acres next spring, which could help draw down large grain stockpiles.

Wheat drew support from expectations of reduced U.S. plantings and risks to crops from dry weather. Endit