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Chicago agricultural commodities close higher

Xinhua, January 5, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle higher on Wednesday with soybean futures prices closing double-digits higher, on damaging crop-weather in Argentina.

Corn futures also rose, on track to extend their three-session winning streak as investors staked out positions ahead of annual rebalancing by commodity index funds. Wheat firmed on support from worsening crop conditions.

The most active corn contract for March delivery rose 4 cents, or 1.12 percent, to 3.5975 dollars per bushel. March wheat delivery added 12 cents, or 2.95 percent, to 4.185 dollars per bushel. January soybeans rose 20.25 cents, or 0.9 percent, to 2.04 dollars per bushel.

An easing in the dollar, after Tuesday's 14-year high, lent additional support as it makes U.S. commodities cheaper for overseas buyers.

Speculators stepped in to pull soybeans higher despite expectations of huge crops in key exporters Brazil and Argentina.

Crop ratings fell in December in parts of the U.S. Plains that endured a cold and dry month, including major hard red wheat growing states Oklahoma and Kansas, data released by the U.S. Department of Agriculture after Tuesday's market close showed.

Concerns about another cold snap in key growing areas were allayed by forecasts for snow, limiting the gains in the wheat market.

Corn has found support at the turn of the year from expectations that funds will rebalance portfolios in favor of the cereal.

In the outside markets, the Brent crude oil market is $0.84 per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 57 points higher at 19,939 points.

Jack Scoville, Price Futures Group vice-president, says that the US Dollar is sharply lower and looking like a top is possible.

"That is lifting all commodities to some extent today. Then, there is the South American weather with floods in Argentina and the dry weather in northern Brazil. That could mean much less from both countries, both corn and soybeans. Good price action today and it looks like a good close is coming," Scoville says. Endit