Chicago agricultural commodities settle higher

CHICAGO, Jan. 17 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed higher on Wednesday with corn and wheat rebounding over short-covering and bargain-buying respectively.

The most active corn contract for March delivery rose 4.75 cents, or 1.36 percent to settle at 3.475 dollars per bushel. March wheat delivery went up 5 cents, or 1.20 percent to close at 4.215 dollars per bushel. March soybeans were up 0.75 cent, or 0.08 percent to settle at 9.6875 dollars per bushel.

CBOT brokers reported that funds bought 5,500 contracts of corn and 2,800 contracts of wheat while selling 4,300 contracts of soybeans.

Short-covering and a general lack of bearish input pushed up corn futures. Observers with the AgResource company said that managed funds obviously established a new record short position as of Wednesday morning.

CBOT wheat futures had posted losses for three consecutive sessions after the USDA estimated 2018 winter wheat plantings at 32.608 million acres, above analysts' expectations.

Bargain-buying on Wednesday led to the rally of CBOT wheat prices.

The soybeans were almost flat following two days of sharp rise. Enditem