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Chicago agricultural commodities close higher

Xinhua, December 28, 2016 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle higher Tuesday on bargain-buying and short-covering after last week's declines.

The most active corn contract for March delivery rose 9.25 cents, or 2.68 percent, to 3.55 dollars per bushel. March wheat delivery added 16 cents, or 4.07 percent, to 4.095 dollars per bushel. January soybeans rose 26.75 cents, or 2.68 percent, to 10.2425 dollars per bushel.

Contracts climbed as traders exited earlier bets that prices would fall, and speculated that Friday's declines spelled an attractive entry point, though the markets overall were lightly traded in the first full session of the week.

Grain futures drew some support from weather forecasts that showed warmer and drier weather ahead for northern Brazil, a key crop-producing region, at a time when soybean plants are maturing and could be susceptible to low moisture.

A heat wave at the wrong time could trim Brazilian soybean production and further tighten global supplies for the oilseeds, forcing vegetable oil makers and animal feed millers to pay higher prices for soybean meal, or leading them to purchase grain-based alternatives.

Strong weekly export inspections data lent support. The U.S. Department of Agriculture said 1.7 million tonnes of U.S. soybeans were inspected for export in the latest week, toward the high end of trade expectations. Endit