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Chicago agricultural commodities settle higher

Xinhua, May 3, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mostly higher on Wednesday except the once volatile wheat, which ended unchanged.

The most active corn contract for July delivery rose 2.5 cents, or 0.67 percent, to settle at 3.7475 dollars per bushel. July wheat delivery remained at 4.54 dollars per bushel. July soybeans was up 6.5 cents, or 0.67 percent, to 9.7525 dollars per bushel.

The price of wheat futures saw an astonishing rise on Monday after snow storm and frost hit the U.S. western wheat belt during the weekend. Now the mood turned to be more rational, as the market is figuring out the real damage.

Corn ended slightly higher, supported by concerns that recent heavy rains might force some farmers to re-plant recently seeded crops.

Besides the weather factor, some traders said that soybeans found support from strong demand from the Asian market, mostly from China.

CBOT brokers have reported that funds were net buyers on Wednesday of 4,300 contracts of corn, 2,800 contracts of wheat and 3,400 contracts of soybeans. Endit