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Chicago agricultural commodities settle higher

Xinhua, April 5, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed higher on Wednesday with the soybean reversing a five-day down-turn.

The most active corn contract for May delivery rose 1.75 cents, or 0.48 percent, to 3.6475 dollars per bushel. May wheat delivery went up 2.75 cents, or 0.64 percent to 4.2975 dollars per bushel. May soybeans up 6.5 cents, or 0.69 percent, to 9.4425 dollars per bushel.

Heavy rains in Argentina in recent days have reportedly triggered concerns about the soybean harvest there. Some analysts also contributed the rise of soybean futures to short covering.

The soybean futures had hit the lowest level in almost a year before Wednesday's bounce.

Corn and wheat were also buoyed by the rebounding soybean. But the rise of corn futures was capped by the news that the U.S. consumed less corn for the production of ethanol last week, probably because several plants reduced operations for seasonal maintenance. Endit