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Chicago agricultural commodities close higher

Xinhua, January 18, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures settle higher on Tuesday with soybean futures rising more than 2 percent on Tuesday, touching a six-month high on worries about excessive rains in Argentina crimping production prospects.

The most active corn contract for March delivery rose 7 cents, or 1.95 percent, to 3.655 dollars per bushel. March wheat delivery rose 7.5 cents, or 1.76 percent, to 4.335 dollars per bushel. March soybeans added 23 cents, or 2.2 percent, to 10.6925 dollars per bushel.

Soybeans led the way up following heavy showers over the weekend in Argentina's crop belt.

The rally triggered a round of farmer selling, pressuring cash soybean and corn values at the U.S. Gulf Coast.

But neither the farmer sales nor a disappointing monthly crush report from the National Oilseed Processors Association had much effect on the soy rally.

NOPA said its members crushed 160.176 million bushels of soybeans in December, down from 160.752 million in November and below an average of trade expectations for 162.8 million.

Grains followed soybeans higher, with a weaker dollar and fund short-covering adding to bullish sentiment. A softer greenback tends to make U.S. grains more attractive to holders of other currencies.

Investors sold the dollar after President-elect Donald Trump said the currency was too strong.

In the outside markets, the Brent crude oil market is 0.12 dollar per barrel higher, the U.S. dollar is lower, and the Dow Jones Industrials are 107 points lower.

Jack Scoville, The PRICE Futures Group's senior market analyst, says that it is a weather market right now.

"There were widespread reports of 5-inch rains in central and northern Argentina over the weekend, plus northeast Brazil and southern Argentina remain dry. The buying started right away last night and has been building today. It is holding well," Scoville says. Endit