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Chicago agricultural commodities settle higher

Xinhua, March 4, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures close higher Friday on profit-taking as the ongoing harvest of big crops in South America continued to weigh on the market.

The most active corn contract for May delivery rose 1.25 cent, or 0.33 percent, to 3.8075 dollars per bushel. May wheat delivery rose 0.75 cent, or 0.93 percent, to 4.535 dollars per bushel. May soybeans added 0.25 cent, or 0.02 percent, to 10.375 dollars per bushel.

Soybeans notched the biggest declines weekly as the South American export pace was expected to pick up after slowing this week.

At least 11 ships are facing delays in loading soybeans at Brazil's northern ports after rains washed out roads and disrupted the progress of trucks carrying beans from the center-west region, Brazilian officials said on Thursday.

Private researcher Informa raised its Brazil soybean production forecast to 108 million tons from a prior outlook of 106.5 million tons. The U.S Department of Agriculture has pegged the country's crop at 104 million tons, which would still make it easily the second-biggest producer behind only the U.S. Informa also raised its projection for corn output to 91 million tons from last month's 89 million.

Soybean and corn futures rose earlier this week, supported in part by reports of potential changes to U.S. biofuel policy to boost production. Corn is the primary U.S. feedstock for ethanol and soyoil is used in biodiesel.

"The biofuel rumors in the U.S. have thrown uncertainty and confusion back into the market. They come as U.S. farmers are deciding which spring crops to grow," said David Sheppard, managing director at UK merchant Gleadell.

Russia, among the world's largest wheat exporters, is considering exporting part of its 4-million-ton state grain stockpile to free up storage space before the new crop arrives, industry sources said. Endit