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Chicago agricultural commodities settle higher

Xinhua, May 16, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed higher on Tuesday with soybeans posting a two-digit increase in response to strong demand from abroad.

The most active corn contract for July delivery remained unchanged at 3.6775 dollars per bushel. July wheat delivery was up 1 cents, or 0.24 percent, to close at 4.2425 dollars per bushel. July soybeans rose 11 cent, or 1.14 percent, to 9.7525 dollars per bushel.

The U.S. Department of Agriculture has just announced that 132,000 metric tons of soybeans was sold to an unknown destination in an old crop position. The soybean futures were obviously boosted by the strong export demand for U.S. supplies.

As Brazilian farmers are not willing to sell soybeans amid low prices, the U.S. soybeans have become more competitive and traders need to grasp the opportunity in Asia, especially Chinese market, said some analysts.

The U.S. corn and wheat futures closed either unchanged or a little higher on Tuesday. Some traders said they hadn't seen a corn market this dead for a long time. Endit