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Chicago agricultural commodities settle higher

Xinhua, May 1, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed higher on Friday with the wheat posting a sharp rise as a result of snow and frost hitting the production areas.

The most active corn contract for July delivery rose 11 cents, or 3 percent, to settle at 3.775 U.S. dollars per bushel. July wheat delivery increased 23.75 cents, or 5.49 percent to 4.56 dollars per bushel. July soybeans was up 14 cents, or 1.46 percent, to 9.7025 dollars per bushel.

Bad weather played a leading role in the sharp rise of wheat futures, said traders.

Snow storm and frost hit the U.S. western wheat belt during the weekend, when farmers were preparing for harvest. As people are scrambling to figure out the damage, the price of wheat futures saw an astonishing rise, which pushed it to a two month high.

Meanwhile, high precipitation levels in recent days also led to possible delay in corn and soybean planting.

Massive short covering was also featured in the markets, said analysts. Endit