Chicago agricultural commodities settle higher on short covering
Xinhua,December 14, 2017 Adjust font size:
CHICAGO, Dec. 13 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed higher on Wednesday with wheat rebounding more than one percent due to short-covering.
The most active corn contract for March delivery climbed 1.25 cents, or 0.36 percent to settle at 3.49 dollars per bushel. March wheat delivery rose 6 cents, or 1.46 percent, to 4.1675 dollars per bushel. January soybeans went up 3.5 cents, or 0.36 percent to close at 9.7925 dollars per bushel.
CBOT brokers reported that funds bought 2,600 contracts of corn and 1,900 contracts of wheat, while selling 1,200 contracts of soybeans.
The U.S. Department of Agriculture (USDA) on Tuesday raised 2017/18 wheat and soybeans end stocks estimates, both domestic and world, leading to overall declines in CBOT futures.
However, short-covering reversed the downturn of wheat and corn on Wednesday, and soybeans ended losses which lasted for five consecutive sessions.
Trade observers also argued that the CBOT commodities are still competitive with lower prices than those from Argentina and Brazil. Enditem