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Chicago agricultural commodities settle mixed

Xinhua, May 5, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed mixed on Friday with a round of rebounce in corn and wheat markets.

The most active corn contract for July delivery rose 4.25 cents, or 1.16 percent, to settle at 3.7075 dollars per bushel. July wheat delivery increased by 4.5 cents, or 1.03 percent, to close at 4.4225 dollars per bushel. July soybeans fell 1.25 cent, or 0.13 percent, to 9.73 dollars per bushel.

Traders appeared to cover their large net short positions, which led to the rise of corn and wheat futures, following sharp declines in the previous session.

Funds have been net buyer of 8,000 contracts of corn, 3,000 contracts of soybeans, and 3,300 contracts of wheat, CBOT brokers reported.

Weather continues to be a concern for traders. Although the snow storm and frost are gone, weather forecasts say it will be still cool and even cold in the U.S. Midwest in the next ten days, which is not good for crop growth. Endit